Chase Properties has acquired Shops on the Circle, a 183,000-square-foot shopping center in Dothan, Ala. BankPlus provided acquisition financing, according to public records. A joint venture between RCG Ventures and DRA Advisors sold the open-air retail asset following six years of ownership.
Shops on the Circle’s 17-acre site is located at 3500 Ross Clark Circle, 3 miles northwest of central Dothan. The asset is anchored by PetSmart, T.J. Maxx, Old Navy, Big Lots and Five Below. The property, opposite Namdar Realty Group’s 640,000-square-foot Wiregrass Commons Mall, is part of a major retail corridor along Route 53.
In February, the previous owners received a $14.6 million refinancing loan from Synovus, brokered by JLL. When that deal closed, the retail center was 95.6 percent leased.
Earlier this year, RCG Ventures sold another southern retail asset in Central Florida. The more than 73,000-square-foot shopping center in Plant City is anchored by Dollar General and Aaron’s.