Subjects: TNM, RLE
AlbaneseCormier Expands its Reach with Acquisition of Valley Bend at Jones Farm in Huntsville, Alabama
HUNTSVILLE, Ala., May 4, 2023 /PRNewswire/ -- Albanese Cormier ("AC" or the "Company") announced today the acquisition of Valley Bend at Jones Farm ("Valley Bend" or "The Property"), a market dominant 430,792 square foot, super-regional open air shopping center located in Huntsville, Alabama. The Property features a roster of best-in-class anchor tenants including HomeGoods, Dick's Sporting Goods, Hobby Lobby, Marshalls, PetSmart and a synergistic mix of local and regional specialty retailers and restaurants. Valley Bend also includes ten (10) outparcels and a separately owned SuperTarget, which is the #1 visited Target location in over 50 miles.
The Property is situated on 57.8 acres and has established itself as Huntsville's premier retail destination with expansive drawing power attracting 6 million annual visitors. The Huntsville MSA has experienced outsized population growth of 23% since 2010 and been nationally recognized as a leader in the defense, aerospace, life sciences, information technology, and advanced manufacturing sectors due to a rapidly growing and highly educated workforce. Redstone Arsenal, Cummings Research Park, and the NASA Marshall Space Flight Center have significant economic impact making Huntsville one of the highest concentration of engineers in the country.
"We are very pleased to add Valley Bend to our growing portfolio of high performing open-air centers. This acquisition provides an attractive mix of stable in-place cash flow with several value enhancement opportunities in one of the most dynamic and rapidly growing markets in the Southeast." said Clinton Mitchell, Chief Investment Officer. "It is rare to acquire a center of this scale where you can maintain site control owning all ten outparcels which we believe provides future mark-to market-potential and exit flexibility".
Since 2001, AlbaneseCormier has been acquiring, managing, leasing, and developing real estate properties across the United States. Through a clear vision, selective choices, creative hiring, skilled management, and a dedicated staff, we have been able to consistently grow a sustainable business that has exceeded 5.5 million square feet of real estate since inception. As the industry continues to evolve, we are positioned to take advantage of opportunities as they are presented to us.
CONTACT: Clinton Mitchell, [email protected]
SOURCE AlbaneseCormier
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