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Katz Properties Expands Southeast Holdings, Acquires Vestavia Hills Shopping Center in $60.3 Million Deal

Shopcore Properties Flips Publix-Anchored Shopping Center in Suburban Birmingham
December 1, 2017
Continuing in its efforts to build out a presence in the Southeast U.S., New York City-based Katz Properties struck a deal with shopping center owner/operator and The Blackstone Group affiliate Shopcore Properties to acquire Vestavia Hills City Center in suburban Birmingham, AL for $60.3 million, or approximately $153 per square foot.

Vestavia Hills City Center is a 391,899-square-foot shopping center anchored by Publix and home to Carmike Cinemas, Stein Mart, Planet Fitness, Pet Supermarket, Rite Aid, Starbucks, Newk’s Eatery, Dollar Tree, Orange Theory Fitness, AT&T, Palm Beach Town and Panera Bread, among others.

The center was constructed in three phases, plus two pad sites completed between 1954 and 2003, on a 28-acre site at 700 Montgomery Hwy. in Vestavia Hills, an affluent suburb located southeast of downtown Birmingham.

"We're excited to continue our expansion in the Southeast. Following our acquisitions in North Carolina and Georgia this summer, this closing in Alabama solidifies our presence in the region, said Daniel Katz, principal of Katz Properties. "The Birmingham market and Vestavia Hills in particular represent the kind of steady demographics that continue to drive retail sales nationwide."

Richard Reid and Jim Hamilton of HFF's investment advisory team brokered the deal for Shopcore Properties. Chip Sykes, Nat Scarmazzi, Chris Drew and Gerard Sansosti of HFF's debt placement team secured a seven-year, fixed-rate acquisition loan with a correspondent life company on behalf of Katz Properties.

Please see CoStar COMP #4061788 for more information on this transaction.
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