Mobile, Ala. (December 19, 2012) – SRS Real Estate Partners (SRS) represented Mobile-based Burton Property Group LLC in the $17 million sale of the 200,084-square-foot Walmart Supercenter located at Schillinger Towne Centre in Mobile, Ala. The Triple Net Group, LLC, headquartered in New York, was the buyer.
“This sale was a strategic opportunity for our company,” said Philip Burton, president and CEO of Burton Property Group. “We intend to redeploy the capital into new investments in South Alabama in an effort aimed at continued growth of our retail portfolio.”
“This Walmart Supercenter is a very well-performing store in a burgeoning area of Mobile,” said Joe Eisenberger with The Triple Net Group. “We are happy to have added another quality asset like this to our growing portfolio.”
Josh Burmeister and Buff Teague in the SRS Mobile office represented the seller, Burton Property Group in the transaction. Kyle Stonis and Pierce Mayson in the SRS Atlanta office represented the buyer, Triple Net Group, LLC. Stephen Harvey with McDowell Knight Roedder & Sledge served as the seller’s counsel.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in the U.S. exclusively dedicated to retail services. Headquartered in Dallas with more than 20 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, investment services and management 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 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.