PELL CITY, AL-Pell City Marketplace, a 14-year-old, 159,041-sf neighborhood shopping center 35 miles east of Downtown Birmingham, has been sold for $8.6 million. Lamar Cos. of Morristown, NJ paid $54.07 per sf to Pell City Marketplace Partners LLC for the 97%-leased property.

Tom Statham, a broker in the Atlanta office of the Staubach Co., tells GlobeSt.com the deal was done at this time by the developer "to take advantage of a strong [retail] market." Statham and William Gervin, members of Staubach's Investment Sales Southeast team, negotiated for the seller. The buyer represented itself.

The shopping center transaction was "a direct deal" and was not on the market, Statham says. The deal took 75 days to complete, from letter of intent to closing. The property, located at 1099 Martin St. has 14 tenants. The average asking base rent range for non-anchors is $14 per sf. Winn-Dixie and Wal-Mart anchor the center.

Helms-Roark Inc., the Montgomery, AL-based developer of Pell City Marketplace, is a principal in Pell City Marketplace Partners LLC. Statham says Helms-Roark has participated in the development, leasing and management of more than two million sf of shopping center space valued at over $100 million since its inception in 1984. Lamar Cos., a 25-year-old firm, has been in business for 25 years. The company owns or manages in excess of $200 million in assets and has rehabilitated at least 50 commercial properties.