Baltimore-based real estate investment and management company, Continental Realty Corporation, has picked up a retail center in Birmingham, Alabama for $8.4 million. The Shops on Montevallo is a 65,000 sqf shopping center located at 4500 Montevallo Road. Built in 1990, the center is anchored by Planet Fitness and was 93 percent leased at the time of the sale. The center is shadow-anchored by two stand-alone grocery stores in Winn Dixie and Publix.
“Shops at Montevallo has a distinct competitive advantage in the local marketplace based on the relative absence of traditional shopping centers nearby, as well as the strong barriers to entry that exist in this sub-market,” explained Paul Kang, Vice President of Acquisitions for Continental Realty. “Additionally, we saw the opportunity to acquire a historically well-occupied center at an attractive going-in yield, coupled with the ability to add value by increasing occupancy and implementing site enhancements including parking lot lighting, signage, and landscaping.”
