By Jeff Hamann
InvenTrust Properties has sold the Dothan Pavilion, a 327,423-square-foot open-air retail property, to a local investment group for $33.8 million. The buyer, Dothan Pavilion Group LLC, has an ownership stake in more than three million square feet of retail properties across the Southeast. An HFF team led by Jim Hamilton, Richard Reid and Barry Brown represented the seller in the transaction.
Located at 4601 Montgomery Highway in northwest Dothan, Ala., the property sits in a busy retail corridor along the highway, exposed to more than 25,000 cars per day. The shopping center is located approximately five miles from the city’s downtown area. Dothan Pavilion first opened its doors in 2007 and is currently 89 percent leased to a variety of tenants, including Barnes & Noble, Bed Bath and Beyond, Michaels and Dick’s Sporting Goods. Additionally, the property is shadow anchored by Target, Lowe’s and Kohl’s.
HFF also represented the sellers of another open-air shopping center in Alabama last year.
Image courtesy of HFF