"We were able to secure a short-term loan that enabled PAG to acquire Loyal Plaza and provide them with the necessary time and funds that will be required to unlock the value of this shopping center,” Klein says.
Anytime Fitness notes that targeted markets throughout the state include Auburn, Birmingham, Huntsville, Mobile, Montgomery, and Tuscaloosa to name a few.
The building is presently divided into three units that are leased to two tenants, and a portion of the site is also leased to Omnipoint for the location of a cell tower.
"Most of the value-add product still has a demonstrable gap to the newer product, allowing for these opportunities to invest in improvements,” says CBRE's Ted Abramson.