ATLANTA—Branch Properties, LLC, has purchased two shopping centers in an affluent suburb of Birmingham, Ala., with the goal of bringing the centers to 100 percent occupancy. The acquisitions represent the Atlanta-based real estate company’s first investments in the state of Alabama.
Branch acquired the properties in August from Bayer Properties and a silent partner. Inverness Corners is a 242,635-square-foot shopping center anchored by a Winn-Dixie grocery store and Kohl’s department store. The 74,818-square-foot, adjacent Inverness Plaza is anchored by PGA Superstore and Planet Fitness.
Thirteen additional tenants are located in the two shopping centers and four outparcel buildings, including restaurants and retail stores. In addition, there are three vacant storefronts with one available for rent.
The shopping centers, which were renovated last year, are located on 35 acres in the unincorporated bedroom community of Inverness along a main commuter route.
“From a retail perspective, Inverness Corners and Plaza are very well located in the heart of Inverness’s retail node,” says Jesse Shannon, Director of Acquisitions for Branch Properties. “The retail centers sit at the confluence of two well-traveled roads. Moreover, the demographics in the area are outstanding.”
Shannon added that nearly 85,000 residents with an average household income of more than $130,000 live within five miles of the shopping centers. And the Inverness community is home to Grandview Medical Center, a 372-bed medical facility situated on a 103-acre campus.
About Branch Properties, LLC
Founded in 1973 and based in Atlanta, Branch Properties, LLC, is a private real estate investment firm whose primary focus is high-quality, grocery-anchored shopping centers located in Georgia, Florida, Tennessee, the Carolinas, and now in Alabama. As a vertically integrated real estate operating company, Branch has the in-house expertise to source, negotiate, acquire, develop, re-develop, finance, lease and manage its investments. Over the past four decades, Branch has acquired, developed and managed over $2.5 billion of commercial real estate, accounting for more than 12 million square feet of leasable space.