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.”