SRS’ Investment Properties Group (IPG) exclusively marketed and brokered the sale of The Fountain, a 38,338-square-foot multi-tenant retail strip center which is shadow-anchored by Costco and The Home Depot, and anchored by Staples. The four-tenant retail strip center was built in 2002, and consists of 38,338 square feet on 3.85 acres of land. The 100% occupied center has an advantageous 96.4% national retail line-up with established tenants, including Staples, Citi Trends, and Shoe Show. The Fountain is located at 1201 North Memorial Parkway on the north side of downtown Huntsville, Ala., which is one of the fastest-growing cities in the country, boasting a thriving economy, solid infrastructure, booming job market, and low cost of living. It is strategically positioned at the signalized intersection North Memorial Parkway and University Drive with a combined traffic count of 112,150 VPD. Some of the area retailers include The Home Depot, Costco, Dollar Tree, Planet Fitness, Books-A-Million, Starbucks, Zaxby’s, Dunkin’ Donuts and Five Guys. The seller, Somera – 1201 North Memorial Parkway, LLC, sold the property on February 25, 2020 for $3.5 million to TA Sharp Properties.
“The 1031 Exchange market continues to be an extremely active investor group from which we continue to pull,” said Boris Shilkrot, associate of SRS’ Investment Properties Group. “We were pleased to secure another motivated, all-cash buyer, who closed quickly and expeditiously.”
Boris Shilkrot, associate, and Pierce Mayson, managing principal, of the Investment Properties Group in the SRS Atlanta office, represented the seller in the transaction. The buyer was represented by T.J. Lee of Bill Pool Realty in Huntsville, Ala.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit www.srsre.com.