Plaza Properties Offloads Northern AL Shopping Center
- May 03, 2018
Plaza Properties has sold The Gallery Shopping Center, a 101,498-square-foot retail asset in Huntsville, Ala., for $13.8 million to a private investor through a 1031 exchange. The buyer funded the acquisition with a 10-year, $9.7 million mortgage held by Citi Private Bank, according to Madison County records. Plaza acquired the property from U.S. Realty Partners in 1999. A Matthews team secured the buyer and closed the transaction.
Located at 4925 University Drive, the property is within a mile of the intersection of Alabama Route 255 and U.S. Highway 72, providing easy access throughout the Huntsville area. The asset is two blocks east of MidCity Huntsville, a $350 million mixed-use redevelopment of a former mall. The Gallery Shopping Center is home to a number of tenants, including Workout Anytime, Regional Finance and Factory Connection.
“This asset was well located and currently 95 percent leased to tenants with long historical occupancies that should provide dependable cash flow for years to come for the buyer,” said Jordan Powell, associate with Matthews, in a prepared statement. Powell worked alongside Senior Vice President & Regional Director of the Matthews Shopping Center Division Scott Henard in this transaction.
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