{"id":1004191505,"date":"2017-09-25T04:41:18","date_gmt":"2017-09-25T12:41:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004191505"},"modified":"2022-12-08T21:58:27","modified_gmt":"2022-12-09T05:58:27","slug":"gbt-realty-acquires-alabama-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/gbt-realty-acquires-alabama-retail-center\/","title":{"rendered":"GBT Realty Acquires Alabama Retail Center"},"content":{"rendered":"

By Keith Loria<\/em><\/p>\n

\"Jim<\/a>

Jim Hamilton, HFF senior managing director<\/p><\/div>\n

Only three months after launching its Capital Holdings division at RECon, GBT Realty Corp. acquired its first property in the pursuit of value-add investment opportunities for long-term hold. The company purchased 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. Upon closing, the asset was 92 percent occupied. Fundamental as well as cosmetic improvements are planned.\u00a0<\/p>\n

HFF represented the sellers in the transaction.<\/p>\n

\u201cThere were several drivers that resulted in significant investor interest in McFarland Plaza,\u201d <\/em>Jim Hamilton, HFF\u2019s senior managing director, told Commercial Property Executive. \u201cBeing 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.\u201d<\/em><\/p>\n

The HFF debt placement team of Managing Director Bill Fishel and Director Matthew Stewart placed a three-year, floating-rate loan with V\u00e4rde 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.<\/p>\n

\u201cThe investor interest in McFarland Plaza was very strong, which consisted of a variety of private and institutional capital sources,\u201d<\/em> Hamilton said. \u201cWe see a significant amount of capital seeking opportunities where there is immediate value-add potential, which McFarland Plaza had.\u201d<\/em><\/p>\n

Located on 20 acres of 2600 McFarland Blvd. East, the McFarland Plaza Shopping Center is anchored by T.J. Maxx, Ross Dress for Less, Michaels and Stein Mart and is also home to Cato, Dollar General, H&R Block, Pet Supplies Plus, Nail Club and Lendmark Financial.\u00a0<\/p>\n

Proximity to University of Alabama<\/h2>\n

The center is located on Tuscaloosa\u2019s dominant retail artery and is exposed to more than 58,000 vehicles per day.\u00a0The University of Alabama<\/a> is located one mile north of McFarland Plaza and is a major economic driver for the region.\u00a0<\/p>\n

\u201cThe University is the largest college in the state of Alabama with nearly 38,000 students and generates over a $2.5 billion annual economic impact,\u201d<\/em> Hamilton said.<\/p>\n

The HFF investment sales team representing the seller also included Senior Managing Director Richard Reid and Associates Mike Allison and Brad Buchanan.<\/p>\n

Image courtesy of HFF<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

HFF represented DDR Corp. and TH Real Estate in the sale of McFarland Plaza Shopping Center, a 234,000-square-foot property in Tuscaloosa.<\/p>\n","protected":false},"author":451,"featured_media":1004191510,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,21749],"tags":[33190,34312,32792,32870],"class_list":["post-1004191505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-retail","tag-ddr-corporation","tag-gbt-realty-corporation","tag-hff","tag-th-real-estate"],"acf":[],"yoast_head":"\nGBT Realty Acquires Alabama Retail Center - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/gbt-realty-acquires-alabama-retail-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GBT Realty Acquires Alabama Retail Center\" \/>\n<meta property=\"og:description\" content=\"HFF represented DDR Corp. and TH Real Estate in the sale of McFarland Plaza Shopping Center, a 234,000-square-foot property in Tuscaloosa.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/gbt-realty-acquires-alabama-retail-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-09-25T12:41:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T05:58:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Jim-Hamilton-HFF-senior-managing-director.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gbt-realty-acquires-alabama-retail-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/gbt-realty-acquires-alabama-retail-center\/\",\"name\":\"GBT Realty Acquires Alabama Retail Center - 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