GBT Realty Acquires Alabama Retail Center
ByGBT Realty Corp. acquired the McFarland Plaza Shopping Center, a 234,124-square-foot retail center in Tuscaloosa, Ala., from a joint venture between DDR Corp. and TH Real Estate.
HFF represented the sellers in the transaction.
“There were several drivers that resulted in significant investor interest in McFarland Plaza,” Jim Hamilton, HFF’s senior managing director, told Commercial Property Executive. “Being located one mile from the University of Alabama campus, value-add potential through the lease up of the existing vacancy and being located along McFarland Blvd., which is the most active and dominant retail artery in the region.”
The HFF debt placement team of managing director Bill Fishel and director Matthew Stewart placed a three-year, floating-rate loan with Värde Partners for the new owners. The loan proceeds will be used to fund the acquisition and to execute a capital and leasing plan to stabilize the property…
