{"id":1004226813,"date":"2018-05-03T05:53:21","date_gmt":"2018-05-03T13:53:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004226813"},"modified":"2022-12-09T02:14:23","modified_gmt":"2022-12-09T10:14:23","slug":"plaza-properties-offloads-northern-al-shopping-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/plaza-properties-offloads-northern-al-shopping-center\/","title":{"rendered":"Plaza Properties Offloads Northern AL Shopping Center"},"content":{"rendered":"<p>By Jeff Hamann<\/p>\n<div id=\"attachment_1004226822\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/The-Gallery-Shopping-Center-in-Huntsville-Ala..jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004226822\" data-attachment-id=\"1004226822\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/plaza-properties-offloads-northern-al-shopping-center\/the-gallery-shopping-center-in-huntsville-ala\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/The-Gallery-Shopping-Center-in-Huntsville-Ala..jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Jeffrey Hamann&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1525342410&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"The Gallery Shopping Center in Huntsville, Ala.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Gallery Shopping Center in Huntsville, Ala.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/The-Gallery-Shopping-Center-in-Huntsville-Ala..jpg?w=800\" class=\"wp-image-1004226822 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/The-Gallery-Shopping-Center-in-Huntsville-Ala..jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/The-Gallery-Shopping-Center-in-Huntsville-Ala..jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/The-Gallery-Shopping-Center-in-Huntsville-Ala..jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/The-Gallery-Shopping-Center-in-Huntsville-Ala..jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004226822\" class=\"wp-caption-text\">The Gallery Shopping Center in Huntsville, Ala.<\/p><\/div>\n<p>Plaza Properties has sold The Gallery Shopping Center, a 101,498-square-foot retail asset in Huntsville, Ala., for $13.8 million to a private investor through a 1031 exchange. The buyer funded the acquisition with a 10-year, $9.7 million mortgage held by Citi Private Bank, according to Madison County records. Plaza acquired the property from U.S. Realty Partners in 1999. A Matthews team <a href=\"https:\/\/www.commercialsearch.com\/news\/regency-centers-sheds-northern-florida-retail-center\/\">secured the buyer and closed the transaction<\/a>.<\/p>\n<p>Located at 4925 University Drive, the property is within a mile of the intersection of Alabama Route 255 and U.S. Highway 72, providing easy access throughout the Huntsville area. The asset is two blocks east of <a href=\"https:\/\/www.commercialsearch.com\/news\/entertainment-venue-opens-at-350m-al-mixed-use-development\/\">MidCity Huntsville, a $350 million mixed-use redevelopment<\/a> of a former mall. The Gallery Shopping Center is home to a number of tenants, including Workout Anytime, Regional Finance and Factory Connection.<\/p>\n<p><em>\u201cThis asset was well located and currently 95 percent leased to tenants with long historical occupancies that should provide dependable cash flow for years to come for the buyer,\u201d<\/em> said Jordan Powell, associate with Matthews, in a prepared statement. Powell worked alongside Senior Vice President &amp; Regional Director of the Matthews Shopping Center Division Scott Henard in this transaction.<\/p>\n<p><em>Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The retail asset, which contains more than 100,000 square feet, is almost fully leased to a range of long-term tenants.<\/p>\n","protected":false},"author":861,"featured_media":1004226822,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,21749],"tags":[33536,33457,35596],"class_list":["post-1004226813","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-retail","tag-1031-exchange","tag-citibank","tag-matthews-real-estate-investment-services"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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