Cypress Equities Scoops up Retail Center Near Birmingham

BESSEMER, AL-Cypress Equities, Dallas, has acquired Promenade Tannehill in Bessemer, a suburb of Birmingham. This transaction was subsequently acquired by a fund managed by Cypress' real estate investment management group.

Located near the confluence of I-459 and I-20, Promenade Tannehill is a 347,151-square-foot regional power center that opened in 2008 and presently houses more than 30 retailers.  The shopping center features well-known brand names including Target, Publix, JCPenney, Michaels, PetSmart, Premiere Cinemas, Charming Charlie, Anna's Linens and Ross Dress For Less. 

“Cypress Equities is pleased to add Promenade Tannehill to our portfolio of retail properties,” said Todd Minnis, managing partner and CIO of the real estate investment management group of Cypress Equities. “The center, which was developed in 2008, has been institutionally owned and maintained.  We think it's a good opportunity to enter a growing and dynamic market that will continue to expand as Fortune 500 companies target the Birmingham area as a great place to do business.”

Cypress Equities was founded in 1995 and has since established a national reputation synonymous with the premier development, operation and management of destination-class retail and mixed-use properties throughout the U.S.  Historically, Cypress has developed and acquired more than 14 million square feet and currently is developing and managing a portfolio of more than 8.5 million square feet of retail, office, residential and automotive real estate. Today, there are six Cypress Equities offices throughout the U.S., including Dallas (headquarters), New York, San Francisco, Chicago, Atlanta and Fort Lauderdale.