5Rivers CRE Acquires Lifestyle Center in Major Southeast Transaction
HOUSTON–(BUSINESS WIRE)–A partnership led by Houston-based 5Rivers CRE has acquired the Shoppes at EastChase in Montgomery, Alabama, in one of the Southeast’s largest retail center transactions of the year.
The 388,700-square-foot lifestyle and power center, located along Interstate 85, is the dominant retail destination in south-central Alabama.
“EastChase represents the quality of asset we’re targeting in the Southeast and Texas,” said Analee Bivins, Head of Acquisitions at 5Rivers. “It was particularly important for us to maintain our position as a key owner of Class A retail product in the state of Alabama. Dominating this market has enabled 5Rivers to offer retailers the opportunity to establish a profitable presence in the region in high visibility centers.”
EastChase, acquired at the end of 2022, is anchored by Ross, PetSmart, Aldi, H&M, Sephora, and Lululemon and it is shadow-anchored by Target and Dillard’s.
The property, with more than 85 stores and restaurants, is comprised of a lifestyle component, Shoppes at EastChase, and EastChase Plaza, a big-box center.
The Shoppes at EastChase represents the fifth retail center acquisition completed in Alabama for 5Rivers CRE. The firm’s portfolio now includes two of the three top-performing retail centers in the state of Alabama.
The EastChase acquisition follows 5Rivers CRE’s recent purchase of Riverchase Promenade in the Hoover submarket of Birmingham, Ala. in October.
“5Rivers is continuing to pursue properties in Texas, Alabama and other Sunbelt states, particularly in the healthy lifestyle retail sector,” Bivins said. “5Rivers has been successful finding opportunities in the midst of a complex lending environment with a tighter debt market and we anticipate a steady flow of acquisitions throughout the year.”
Alex McDonald of Berkeley Capital Advisors represented the seller in the EastChase transaction.
5Rivers CRE is a privately held full-service commercial real estate investment and asset management firm with a portfolio of 23 properties totaling 4 million square feet. For more information, visit 5RiversCRE.com.
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