Holliday Fenoglio Fowler, L.P. (HFF) announces the $33.75 million sale of Dothan Pavilion, a 327,423-square-foot, dominant, premier retail center in Dothan, Alabama.
The HFF team marketed the property on behalf of the seller, InvenTrust Properties, Inc. Dothan Pavilion Group, LLC purchased the asset free and clear of existing debt.
Dothan Pavilion is anchored by best-in-class national retailers, including Bed Bath and Beyond, Barnes & Noble, Carmike Cinemas AMC, Michaels, Ross Dress for Less and Dick’s Sporting Goods, and is shadow anchored by Target, Lowe’s and Kohl’s. Completed in 2007, the center is 89 percent leased and, in addition to the anchors, home to Moe’s Southwest Grill, Cold Stone Creamery, America’s Best Contacts & Eyeglasses, Ulta Beauty, GNC and GameStop. Dothan Pavilion is located at 4601 Montgomery Highway along a highly travelled dominant retail artery with approximately 27,000 vehicles a day. The center is five miles from downtown Dothan, a community 20 miles west of Georgia and 16 miles north of Florida. More than 21,500 residents earning an average annual household income of $76,829 live within a three-mile radius of Dothan Pavilion.
The HFF investment advisory team representing the seller included senior managing directors Jim Hamilton, Richard Reid and Barry Brown.
About InvenTrust Properties Corp.
InvenTrust is a pure-play retail company with a focus on acquiring open-air centers with a disciplined approach, in key growth markets with favorable demographics. This acquisition strategy, along with our innovative and collaborative property management approach, ensures the success of both our tenants and business partners and drives net operating income growth for the company. InvenTrust became a self-managed REIT in 2014 and as of September 30, 2017, is an owner and manager of 87 retail properties, representing 15.8 million square feet of retail space, and one non-core property. Visit https://www.inventrustproperties.com for more information.
About Dothan Pavilion Group, LLC
Dothan Pavilion Group, LLC represents a local investment group based in Dothan, Alabama. The investors in the Dothan Pavilion Group own many retail properties in the Southeast representing more than 3 million square feet. The group acts as a privately held real estate and development company focused on the acquisition and operation of small centers to large institutional grade properties. The group engages in, and actively seeks, strategic acquisitions and has formed partnerships with private equity groups and family offices.
HFF and its affiliates operate out of 25 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.