Branch Properties Expands Regional Footprint With Acquisition of Two Alabama Shopping Centers

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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.

Bellevue Center Mall in Metro Nashville Acquired for Redevelopment

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Branch Properties, LLC of Atlanta and Crosland Southeast, a Charlotte-based developer announce the acquisition of the 87-acre former Bellevue Center Mall. Crosland and Branch will collaborate to develop the retail component of the project.  Additionally, 16 acres of property was sold to Crescent Communities for the multifamily portion of the project.  Crosland has been working on redeveloping the mall property for several years, established a joint venture with Branch to acquire the mall from the previous owner.

The parties are collaborating to execute the vision that Crosland has advanced through its conversations with the Bellevue Community and with the Metro Industrial Development Board and the Metro Council. In total, the aggregate project costs for all components of the property are estimated to be approximately $200 million.  The redeveloped project will be called One Bellevue Place and will be completed in phases, most of which will be done by the end of 2017.

“We are pleased to be moving into the construction phase for One Bellevue Place – marking a milestone for the project and the Bellevue Community,” said Tim Sittema, Managing Partner for Crosland Southeast.  “A Notice to Proceed has been given to our General Contractor, Hoar Construction, and they will be mobilizing onsite shortly.”

Branch and Crosland have collaborated on other projects in the past and have been working together on the Bellevue property since earlier in 2015.

The property is located within the City of Nashville, approximately 20 minutes and 13.5 miles southwest of the city’s central business district.  The overall project is envisioned to include approximately 350,000 square feet of new retail space (including anchors Carmike Cinemas and Sprouts Farmers Market), a 111 key Home2Suite hotel and 337 multifamily rental units.

“We are thrilled to be working with Crosland on this exciting redevelopment.  One Bellevue Place will be one of the region’s largest redevelopment projects completed in greater Nashville in nearly 15 years.  A project of this size and quality will be a catalyst for additional growth, which is exciting for the future of the Bellevue Community and the reason we continue to invest in the greater Nashville Market,” said Nick Telesca, President of Branch Properties, LLC.

One Bellevue Place is Branch’s second major Nashville investment during the past year.  The company is currently building a 139,969 square foot retail center anchored by The Fresh Market and Marshalls in Hendersonville, Tennessee. Crosland led the development of Providence Marketplace in Mt Juliet, Tennessee.

Branch Properties Announces Acquisition of $29 Million Retail Center in Greensboro, NC

Branch Properties, LLC, an Atlanta-based, privately held real estate investment firm, announces the acquisition of Westridge Square, a 215,000 square foot neighborhood center, for $28.9 Million.  Located in the affluent northwest submarket of Greensboro, North Carolina, Westridge Square is anchored by Harris Teeter, Kohl’s, and several credit ground leases.

“Westridge Square fits into our strategy of seeking high-quality, grocery-anchored neighborhood centers throughout the Southeast,” said Nick Telesca, president of Branch Properties, LLC.  In addition to Westridge Square, Branch Properties also owns nearby Battleground Village in Greensboro, a 74,000 square feet neighborhood shopping center anchored by Earthfare.  Branch acquired Battleground Village in January 2014.

“We were drawn to the Greensboro market due to its strong economic stability and are pleased to expand our presence in Greensboro, further committing to the development of this community,” Telesca continued.

The center is located at the intersection of Westridge Road and Battleground Avenue, a main thoroughfare with an excess of 55,000 vehicles per day.  There are over 165,000 residents and an average household income of more than $88,000 within a 5-mile radius.  The acquisition was financed by Wells Fargo Bank, N.A.

Westridge Square is Branch’s twelfth investment in the past two years.  During this time period, the company has acquired and/or developed approximately $200,000,000 of retail investments encompassing approximately 1.4 million square feet of space.

 

 

Nostalgic Retail Center Transforms to Offer First to Market Retail, Dining

Branch Properties, LLC, an Atlanta-based, privately held, real estate investment firm, announces a heavy-hitter tenant line-up at Island Walk, formerly known as Palm Harbor. The $40.8 million redevelopment is currently underway to return the 28.7-acre lot into a high-quality shopping experience.

Once completed in 2016, the upgraded retail destination will bring new and expanded tenants and amenities to the Palm Coast community in an effort to revitalize the city’s original core. Anchored by Publix Super Markets, the 204,000 square-foot retail center is 84% pre-leased with another 17,500 square feet in active lease negotiations. Still available is 1,000 to 6,000 square feet ideal for junior anchor and small shop tenants. Continue reading

Branch Properties Breaks Ground on $40.8M Island Walk Project in Palm Coast, FL

Branch Properties, LLC, an Atlanta-based, privately held, real estate investment firm, launches the redevelopment of Palm Harbor with the start of Phase I construction.  The $40.8 million development plan is set to transform the 28.7-acre lot into a high-quality shopping experience to be known as Island Walk.  Once completed in 2016, the new retail destination will bring new and expanded tenants and amenities to the Palm Coast community in an effort to revitalize the City’s original core.

“Island Walk is the catalyst that will re-infuse this corridor with the energy originally ignited in the ‘70s,” explains Nick Telesca, president, Branch Properties, LLC.  “Once completed, Island Walk will once again be a popular destination with household names in retail – many that are not currently in the market – and casual dining.”

Construction is slated to begin early November with the demolition of the buildings to the west of the existing Publix Super Markets and the eastern portion of the central shops.  Phase I of Island Walk, which includes the majority of small shop tenants, is expected to be completed Spring 2015 followed by Phase II with Publix and additional small shop space by Fall 2015.  The final phase to the east of the new Publix is expected to be complete by mid 2016. Continue reading

Branch Raises $200M to Acquire Retail

Branch Properties, LLC, an Atlanta-based privately held real estate investment firm, recently raised $200 million of equity through a strategic alliance with a U.S. institutional partner.  To date, the firm has invested $54 million to acquire $166 million of assets totatling over one million square feet of grocery-anchored retail space in Florida, Georgia, North Carolina and South Carolina. With the additional funding, Branch is seeking to acquire approximately $350 million of value-add, necessity-based neighborhood centers throughout the Southeast over the next three to five years.

“The retail market excites us,” explains Nick Telesca, president of Branch Properties, LLC. “Retail has always been a core strength of ours. Since 1973 we have acquired and/or developed over 110 grocery-anchored shopping centers throughout the southeastern United States. As the economy continues to recover, we are now completely devoted to exploiting the return of retail. It’s what we’ve done best for the past four decades.” Continue reading