ATLANTA (September 26, 2013) – SRS Real Estate Partners announced today that they represented an entity affiliated with Cypress Equities in the purchase of Promenade Tannehill Shopping Center, a regional power center consisting of approximately 347,000-square-feet in Bessemer, Ala., from Colonial Properties Trust. The property is located at 4965 Promenade Parkway in the city of Bessemer, which is within the Birmingham–Hoover metropolitan area in north–central Alabama, roughly 23 miles southwest of Birmingham, Ala.
Promenade Tannehill is situated along Interstate Highway 459, just east of Interstate Highway 20, at the northwest intersection of Promenade Parkway and Eastern Valley Road. The shopping center is anchored by Publix, Michaels, JCPenney, PetSmart, Ross Dress for Less, and shadow-anchored by Target and Premiere Cinemas. Additional tenants in the shopping center include Bath & Body Works, GameStop, GNC, Hibbett Sports, Kay Jewelers, Mattress Warehouse, Rue 21, Sally Beauty Supply and Supercuts.
“Cypress Equities is pleased to add Promenade Tannehill to our portfolio of retail properties,” states Todd Minnis, managing partner and CIO of the real estate investment management group of Cypress Equities. “The center, which was developed in 2008, has been institutionally owned and maintained. We think it’s a good opportunity to enter a growing and dynamic market that will continue to expand as Fortune 500 companies target the Birmingham area as a great place to do business.”
Pierce Mayson, Kyle Stonis, Scott Tiernan and Ray Uttenhove in the SRS Atlanta office brokered the transaction.
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.