HFF Announces Sale and Financing of Grocery-anchored Community Center in Suburban Birmingham

11/28/17

Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of and acquisition financing for Vestavia Hills City Center, a 391,899-square-foot, Publix-anchored community center in the affluent Vestavia Hills suburb of Birmingham, Alabama.

The HFF team marketed the property on behalf of the seller ShopCore Properties. Katz Properties, LLC purchased the asset free and clear of existing debt. Additionally, working on behalf of the new owner, the HFF team placed the seven-year, fixed-rate acquisition loan with a correspondent life company.

Vestavia Hills City Center was constructed in three phases plus two pad sites completed between 1954 and 2003 and is a destination for shoppers throughout the region. In addition to Publix, the property is 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, Panera Bread and more. Situated on 28 acres at 700 Montgomery Highway, the center is within the Vestavia Hills submarket and surrounded by Birmingham’s most prestigious neighborhoods, including Mountain Brook, Homewood and Hoover. More than 64,700 residents earning an average annual household income of $92,545 live within a three-mile radius, and the buying power within a five-mile radius exceeds $6.1 billion.

The HFF investment advisory team representing the seller included senior managing directors Richard Reid and Jim Hamilton.

The HFF debt placement team representing the borrower consisted of senior directors Chip Sykes and Nat Scarmazzi, senior managing director Chris Drew and executive managing director Gerard Sansosti.

“Vestavia Hills City Center provides a number of the desired components in today’s retail environment including a grocery anchor, entertainment and restaurants in one of the Southeast’s most affluent submarkets,” Reid said.

About ShopCore Properties

ShopCore Properties owns and operates over 18 million square feet of retail space across the U.S. The company’s assets are concentrated in densely populated markets and are anchored by best-in-class retailers. ShopCore currently has significant holdings in California, Florida, Texas, New York and Pennsylvania. For more information, visit http://www.shopcore.com.

About Katz Properties, LLC

Katz Properties, LLC is a real estate investment, development and management company primarily focused on the acquisition, operation and repositioning of grocery-anchored shopping centers. Established in Boston in 2003, the company has since expanded its footprint to include the entire East Coast and the Midwest. Katz Properties engages in strategic acquisitions and sales and has formed partnerships with public REITs, private equity groups and family offices. Learn more at http://katzproperties.com.

About HFF

HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

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