Neighborhood Retail Center Changes Hands

MOBILE, AL-Hillcrest Marketplace, a 76,364-square-foot neighborhood shopping center at 6300 Grelot Road, has been sold by Littleton, CO-based Lamar Cos. for an undisclosed price. The buyer was a private investor from Atlanta who assumed an existing loan requiring a 45% down payment.

Kevin Fryman, a vice president with Irvine, CA-based Hanley Investment Group Real Estate Advisors, represented both the buyer and seller. The 12-year-old center is 98% occupied with tenants including a Winn-Dixie supermarket and a CVS pharmacy.

“The combination of both Winn-Dixie and CVS occupying space at the property since it was built in 1997, and both anchor tenants featuring above-average store sales, were significant selling points in generating multiple offers on the sale of the property,” Fryman says. “The property also garnered a high level of interest due to Winn-Dixie’s plan to renovate the interior of the store at this location this year.”