The property, a 223,100 square foot community center located in Hoover, Alabama was acquired in September 2012 for $15.7 million from a lender. The shopping center is located in the 280 Corridor, a major regional retail noted with high end demographics. The shopping center is anchored by Hobby Lobby and Carmike Cinemas and shadow anchored by Publix and Academy Sports.
The investment strategy for the property was successfully executed over a three year period. Strategic capital upgrades and deferred maintenance were completed. Occupancy was raised from 75% to 93%, including leasing to two junior anchors, a furniture retailer and a health club. An outparcel was sold to a fast casual restaurant. Upon completion of our business plan, the shopping center was sold in November 2015 for $25 million providing investors with a greater than 25% IRR and equity multiple exceeding 2 times.