A national real estate investment trust has purchased the Patton Creek shopping center in Hoover for $83.5 million.
American Realty Capital – Retail Centers of America, working with the Lincoln Property Company Southeast real estate services firm, has acquired the 512,871-square-foot shopping center from Patton Creek Holdings LLC, according to a news release put out by Lincoln today.
The 66-acre shopping center sits just west of the Riverchase Galleria between Interstate 459 and John Hawkins Parkway. Tenants include Dick’s Sporting Goods, a Carmike Cinemas with 16 theater screens, Ross Dress for Less, Cost Plus World Market, DSW, Barnes & Noble, Buy Buy Baby and Christmas Tree Shops. Ninety-five percent of the center was leased at the time of the sale, according to Lincoln.
“The property’s enviable location and superior access to I-65 and I-459 establishes it as one of the most convenient shopping centers in Alabama,” said Tony Bartlett, senior vice president of Lincoln, in the news release. “Well-tenanted centers in good locations in secondary and tertiary markets are providing strong returns for investors, and buyers have to be aggressive to secure these opportunities.”