Newmark Knight Frank (NKF) announced today the sale of four North Alabama shopping centers that are expected to benefit from a surge in jobs and population growth in the surrounding area. The four deals, Highway 53 Centre, Hazel Green Shoppes, Hazel Green Centre and Hartselle 31 Centre are valued at more than $13 million and encompass 84,616 square feet of premium retail space.
NKF Senior Managing Directors Drew Fleming and Mark Joines, along with Associate Henry Kushner, represented the seller Ming Enterprises in all four transactions. Ming Enterprises, a commercial real estate development and brokerage company based in Athens, AL, is operated by father and son team, Bill and William Ming.
The transactions reflect a bullish outlook by investors for the Huntsville, Alabama metropolitan area, which was recently named one of the fastest growing metro areas in the nation. In the last year alone, several economic development projects were unveiled across the region that represent more than 6,000 new jobs and $4.1 billion in growth. Major employers expanding or relocating in metro Huntsville include Mazda-Toyota Manufacturing, Facebook, Google, GE Aviation and Aerojet Rocketdyne.
“The successful disposition of these four properties exemplifies the investor appetite for e-commerce resistant, un-anchored strip shopping centers located within markets that exhibit strong demographics and job growth,” said Fleming. “Strip centers have become a top choice for private capital seeking both yield and stability, and we anticipate healthy growth across this entire retail portfolio as North Alabama’s economy continues to expand and flourish.”
Ming Enterprises sold the 43,000-square-foot Highway 53 Centre to a private buyer. The center is 100 percent leased to tenants Edward Jones, ALFA Insurance, ABC Liquor and other service-oriented uses. Highway 53 Centre is located at 3750-3760 AL-53 in Huntsville, Alabama and is conveniently positioned at the high traffic intersection of Highway 53 and Research Park Boulevard. The area boasts a combined traffic count totaling more than 40,000 cars per day, and is a major thoroughfare for commuters who work at Redstone Arsenal and Research Park.
In Hazel Green, Alabama, a suburb of Huntsville, Ming Enterprises sold the 30,500 square-foot Hazel Green Shoppes and the 6,212-square-foot Hazel Green Centre.
Hazel Green Shoppes was completed in 2017 and is located at 14739 US-231. The shopping center is currently 100 percent leased to anchor tenants Dollar Tree, Hibbett Sports and Verizon Wireless and is also located across the street from a Walmart Supercenter.
Hazel Green Centre was completed in 2015 and is located at 14621 US-231. The shopping center is 100 percent leased to tenants Arby’s, AT&T, Great Clips and Papa Murphy’s pizza. In addition, Hazel Green Centre is located within the same parcel as the Walmart Supercenter.
In Hartselle, Alabama, Ming Enterprises sold the 4,904-square-foot Hartselle 31 Centre. The shopping center was built in 2017 and is 100 percent leased to Arby’s, Great Clips and Papa Murphy’s pizza. Hartselle 31 Centre is strategically positioned in the area’s major traffic artery of US-31 which sees more than 20,000 vehicles per day.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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