LaSalle Investment Management has purchased a 194,629 sq. ft. portion of Village at Lee Branch, a 26-acre shopping center in Birmingham, Ala., for $33.5 million. The transaction closed in less than a month to meet the buyer’s goal of closing by the end of the first quarter, according to executives at Faris Lee Investments, which represented the buyer.
“Being that the seller is an affiliate of a public company, it was imperative that the transaction close by the end of the second quarter,” says Donald MacLellan, managing director of Faris Lee. “We entered into escrow at the end of May and closed just 30 days later to meet the seller’s aggressive timeline.”
MacLellan and Faris Lee President Richard Walter brokered the deal. The seller, Birmingham-based AIG Baker, represented itself.
The property is located on Highway 280 East approximately one mile from the Highway 119 intersection. The retail portion of Village at Lee Branch fronts Highway 280, the major corridor of the growing North Shelby County market area. Built in 2003, the property is fully occupied. Tenants include Academy Sports in 70,000 sq. ft. and a Publix in 54,000 sq. ft. Other tenants include Lifeway Christian Bookstore, Bryant Art Traders and WineStyles.
Irvine, Calif.-based Faris Lee is the nation’s largest retail-specialized investment sales team.