ATLANTA, Georgia —
Franklin Street announced it successfully brokered the sale of Hampton Cove Shops in Owens Cross Roads, Alabama for $7.6 million. Franklin Street represented the seller, Fairway Investments, in the sale to Prudent Growth Partners. Hampton Cove Shops is a Walmart Shadow Center of more than 41,000 square feet and includes a mixture of regional and national tenants like Dollar Tree, H&R Block, Jefferson’s, We Rock the Spectrum Gym, and ALFA insurance, among others.
“We have seen an influx of capital into the Huntsville market, as more national investors add it to their target market list,” Bryan Belk, executive managing partner, Franklin Street, said. “The strong population growth and household incomes make it an attractive market for investors.”
Hampton Cove was built in 2008 and had an occupancy rate of more than 96% at the time of closing. It is located at 324 Sutton Road in the tight leasing market of Owens Cross Roads that has minimal vacancy in surrounding centers, providing significant opportunity for investors in leasing the sole remaining vacant unit. Huntsville MSA consistently ranks in the top 25 fastest growing MSAs in the country.
“Existing assets with the ability to drive rent growth is the new ‘value-add’ investment in retail with occupancies across the country at historic highs,” John Tennant, executive managing partner, Franklin Street, said. “This center offered the ability to increase rents and the quality of tenants over time, which made it attractive to the buyer pool.”
Belk and Tennant provide tailored solutions to retail developers, REITs, and private investment funds across the Southeast.
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About Franklin Street
Franklin Street is a fully integrated, national commercial real estate services firm headquartered in Tampa, Florida. We combine thoughtful planning with decisive action to deliver winning results to clients nationwide. Franklin Street’s seven lines of business include Capital Advisory, Insurance, Investment Sales, Property Management, Project Management and Tenant and Landlord Representation. Founded in 2006, Franklin Street has a network of industry-leading brokers and capital partners across the country to ensure exceptional client service. Learn more about Franklin Street.
