Investment Group Selling 15 Properties

COLUMBUS, GA-Locally based private investment group Victory Investments Inc. has sold two Alabama properties, the 289,936-sf Palisades Shopping Center in Homewood and the 49,779-sf Royal Plaza neighborhood center in Gadsden.

Alpharetta-based NewBridge Retail Advisors represented Victory Investments, which sold the properties to redeploy capital in their portfolio. The properties were marketed as part of a 15-property portfolio of retail properties in Georgia, Alabama, Tennessee, Mississippi and North Carolina. Of the remaining 13 unsold properties, some are under contract to be sold and some are still on the market, NewBridge Retail Advisors vice president of marketing Lynn Roth tells GlobeSt.com. "Buyers had the option of buying properties individually or in a group," Roth says.

The sales price and cap rate of the transactions were not disclosed. A Georgia private investment group purchased the Palisades Shopping Center, located off Interstate 65 and anchored by Virginia College, Eckerd Drug, China Buffet and Alabama Medicaid. Built in 1986, the center was 82% occupied at the time of the sale. "Palisades is evolving as both a retail and service center, with Virginia College continuing to absorb space at the property," says NewBridge managing partner Van Barron, the broker on the transaction. "In addition, Wal-Mart recently announced the purchase of the vacant Winn-Dixie space from Victory Investments. Wal-Mart will be opening a neighborhood market in that location, essentially making the asset a Wal-Mart shadow-anchored center."

Private Alabama-based grocery operator Johnson's Giant Foods purchased the Royal Plaza, located at the intersection of Highway 431 and Highway 278 and anchored by Johnson's Giant Foods and Dollar General. Built in 1984, the center was 97% occupied at the time of the sale. "This deal represents a success story, in that the anchor tenant was motivated to control its future by owning the entire center," says NewBridge investment specialist Joe Schneider. "Ultimately, the seller achieved a better sales price and expedited closing due to the motivation of the purchaser to own the center rather than continue paying rent."