Trussville Marketplace Sold By Hanley Investment Group
- Aug 30, 2010
August 30, 2010
By Allison Landa, News Editor
Retail investment firm Hanley Investment Group Real Estate Advisors represented the seller in the purchase of a 67,325-square-foot grocery-anchored shopping center in Trussville, Alabama.
Known as the Trussville Marketplace, the single-building retail property sits on 9.7 acres. Its tenants include Winn-Dixie, Dollar Tree, Great Clips and The UPS Store. Built in 1998, the property was 98 percent occupied at the time of sale.
Trussville was purchased by a private investor in Newport Beach, California and sold by NC/Trussville L.L.C. According to Hanley vice president Kevin Fryman, the buyer was attracted to the investment because of the security of two of the anchors: Winn-Dixie and Dollar Tree. Additionally, he said, the seller liked the fact that 86 percent of the tenants have been at the center since its inception.
Fryman said that the buyer assumed a loan that allowed them to pay down a major portion of the outstanding balance by the time the loan was due.
Alabama shoppers recently enjoyed the state’s annual tax-free weekend, during which time retail outlets saw a relative boom.