ARC – Retail Centers of America and Lincoln Buy 512,871-Square-Foot Multi-Tenant Retail Development in Hoover, Alabama, for $83.5 million
American Realty Capital – Retail Centers of America I & II, a publicly registered, non-traded REIT, with Lincoln Property Company Southeast (Lincoln), has acquired the 512,871-square-foot Patton Creek, a multi-tenant retail development located in Hoover, Alabama. Patton Creek Holdings, LLC, sold the property for $83.5 million.
Patton Creek includes 65.7 acres of open-air retail, featuring a vibrant mix of entertainment, dining and shop tenants. Dick’s Sporting Goods, Rave Motion Pictures, Ross Dress for Less, Cost Plus World Market, DSW, Barnes & Noble, buybuyBABY and Christmas Tree Shops anchor the center. The property was approximately 95 percent leased at the time of the sale.
American Realty Capital – Retail Centers of America I & II seeks to acquire existing anchored, stabilized, retail properties, including power centers, lifestyle centers, grocery-anchored shopping centers and other need-based shopping centers located in the United States. The REIT currently owns more than 25 properties across the country.
“The property’s enviable location and superior access to I-65 and I-459 establishes it as one of the most convenient shopping centers in Alabama,” said Tony Bartlett, senior vice president of Lincoln. “Well-tenanted centers in good locations in secondary and tertiary markets are providing strong returns for investors, and buyers have to be aggressive to secure these opportunities.”