(Birmingham, Alabama) June 22 – Encore Retail, LLC announced on June 20, the acquisition of the Pelham Towne Center located in the Birmingham suburb of Pelham, Alabama. Pelham Towne Center is a 74,008 square-foot retail center in Southern Shelby County, and is leased with a 45,600 square-foot Publix Supermarket anchor as well as Subway, TCBY, the Alabama Power Credit Union and newly added Regis Corporation. Neal Pringle, Jr. of The Shopping Center Group represented Sharp Realty in the transaction, which developed the center in 2008.
“We are very pleased to enter the Birmingham MSA with the acquisition of this high-quality neighborhood center with solid tenancy, and a strong performing grocery anchor in Publix Supermarkets,” said Nic Barber, president of Encore Retail. “Encore looks forward to growing our presence in the Southeastern region of the U.S. with future acquisitions as well.”
The location of Pelham Towne Center at the intersection of Interstate 65 and Highway 52, provides easy access for the growing population of Southern Shelby County, which is one of Birmingham’s fastest growing suburbs, and the fastest growing counties in the state of Alabama. Surrounding residential developments include the Stonehaven, Olde Weatherly and Ballantrae communities.
“We are excited about the closing of the transaction and acquisition of the Pelham Towne Center,” said Dr. Bharat Sangani, founder and chairman of Encore Enterprises, Inc. “We like the added asset quality with solid anchor tenants to continue building our retail portfolio with attractive, in place cash flow and have the desire for many more retail transactions.”
About Encore Retail, LLC Encore Retail, LLC is a subsidiary of Encore Enterprises, Inc., is a privately held commercial real estate company focused on the acquisition, ownership, development, redevelopment and management of retail. The company’s strategy is to acquire, develop or redevelop retail centers providing attractive unleveraged yields to investors and viable resources for businesses in each community Encore serves. For more information about Encore Retail, LLC visit www.encore.bz, or call (214) 259-7000.