AlbaneseCormier Buys 431 KSF Alabama Retail Asset

Valley Bend at Jones Farm. Image courtesy of AlbaneseCormier Holdings

AlbaneseCormier Holdings has acquired Valley Bend at Jones Farm, a 430,792-square-foot, open-air retail center in Huntsville, Ala. Crawford Square Real Estate Advisors was the seller, public records show.

Valley Bend features anchor tenants such as HomeGoods, Dick’s Sporting Goods, Hobby Lobby, Marshalls, PetSmart, as well as a selection of local and regional retailers and dining establishments. The property also features 10 outparcels and is home to an independently owned Super Target, which is the most visited Target location within a 50-mile radius.

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Located at 2742 Carl T. Jones Drive SE, the retail center serves a population of 96,075 residents within a 5-mile radius, according to the owner’s website. Spanning 57.8 acres, the shopping center has solidified its position as the top retail destination in Huntsville, having 5.9 million visitors annually.

While the overall year-over-year growth of retail sales decreased in the first quarter of this year, certain categories like department stores, miscellaneous retail, and electronics stores still caught the attention of investors, a recent CBRE report reveals.

The same source also indicates that the national average retail availability dropped to 4.8 percent in the first quarter, which marks a 50-basis-point decline from the previous year and the lowest level since CBRE began monitoring the market in 2005.