MONTGOMERY, AL–Garrison Investment Group has disposed of two local retail properties for $14.4 million. Atlanta-based Monarch Investment purchased the Promenade Montgomery and Promenade North.
The Shopping Center Group, which has maintained leasing rights since 2012, represented the seller.
"The packaging of both assets - along with our first-hand knowledge of the properties - created a lucrative and strategic investment package for Monarch," says Kathy Dennis, leasing and tenant representative for The Shopping Center Group. "Being in a high volume retail corridor and having exceptional visibility enables our team to attract the right tenants to bring value not only to the properties, but to the communities we serve."
Promenade Montgomery sold for $10.8 million. The 165,114-square-foot shopping center is anchored by Winn Dixie and H.H. Gregg. Other tenants include Goody's, Tuesday Morning, Guitar Center and Dollar Tree. The property is about 86% leased.
Promenade North traded hands for $3.6 million. Tenants include Harbor Freight, FedEx Office and Rock Bottom Brewery & Restaurant and Subway. The Home Depot located on the property was not part of the sale. There is a pending 43,500-square-foot lease in place, that once inked will bring the shopping center to 75% occupancy.
"Both shopping centers are visible to more than 45,000 cars per day on Eastern Boulevard and located within five miles of more than 150,000 residents with a median household income of almost $55,000," Dennis says.
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