Located at 410 Doug Baker Blvd., the 25.52-acre first phase, developed four years ago, is part of an 86-acre mixed-use development on Birmingham's southeast side. Village at Lee Branch's second phase is a 301,700-sf mix of retail and entertainment, which was completed in 2004 and continues to be held by AIG Baker.

Donald MacLellan, managing director of Faris Lee Investments of Irvine, CA, says the fact that anchor tenant Publix Super Markets Inc. has 54,000 sf in a long-term lease was part of the asset's attraction to the buyer. "Publix is an excellent grocery operator, the Number One grocery operator in the Southeast," says MacLellan, who with Faris Lee president Richard Walter represented the Baltimore-based buyer. The seller was self-represented.

MacLellan tells GlobeSt.com that the overall tenant base has a limited lease roll, with the other major anchor, a 70,000-sf Academy Sports & Outdoors Ltd., also tied to a long-term lease. Additional tenants are Lifeway Christian Bookstores, Bryant Art Traders LLC and WineStyles.