MOBILE, Ala. (September 24, 2012) – SRS Real Estate Partners represented Mobile-based Burton Property Group LLC in the $33,250,000 purchase of Westwood Plaza and Schillinger Towne Centre in Mobile, Ala. The two retail centers are located at the southeast quadrant of Airport Boulevard and Schillinger Road. The seller was The Guardian Life Insurance Company of America based in New York, N.Y.
Westwood Plaza is approximately 140,190-square-feet. It is anchored by Hobby Lobby and OfficeMax and features 22 retailers. Schillinger Towne Centre is approximately 244,024-square-feet and is anchored by Wal-Mart SuperCenter and Burke’s Outlet.
“This significant investment is a strategic acquisition for Burton Property Group and demonstrates our commitment and belief in the long-term viability and direction of the Schillinger retail corridor in Mobile, Ala.,” said Philip Burton, president and CEO of Burton Property Group. “We intend to enhance the property in the future resulting in a greater shopping experience for the residents of the Mobile community.”
Josh Burmeister with SRS Real Estate Partners represented Burton Property Group LLC in the acquisition. Kris Cooper and Margaret Caldwell of Jones Lang LaSalle in Atlanta, Ga. represented the seller. Richard Brinson with Grandbridge Real Estate Capital provided the financing.
About SRS Real Estate Partners
SRS Real Estate Partners (SRS) is the largest national real estate company in the country exclusively dedicated to retail services. Headquartered in Dallas with multiple offices nationwide, SRS’ strong presence across the country provides the company with unparalleled local knowledge on a national platform. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, investment services and managed 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. For more information, please visit srsre.com.
About Burton Property Group LLC
Burton Property Group (“BPG”) was formed in 2011 and was founded on the legacy of the former Smith’s Bakery of Mobile, AL, which dates to 1900. Burton Property Group was capitalized with the proceeds from the recent sale of MCS Investments and Silver Sands Equity Investors ownership stakes in the Silver Sands Outlet Mall located in Destin, FL to Simon Property Group (NYSE: SPG). MCS Investments Inc. was founded by Margaret Caroline Smith from the sale of Smith’s Bakery to Earthgrains Co. in 1983.
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