Matthews™ Announces Sale of Alabama Shopping Center

Shopping Center Sale in Alabama

 

Montgomery, AL— Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, announced the sale of Promenade North Shopping Center, located at 2423 Eastern Boulevard, Montgomery, AL. Matthews™ Senior Vice Presidents Pierce Mayson and Kyle Stonis represented the seller, an affiliate of Hackney Real Estate Partners, in the transaction.

 

The multi-tenant retail center, featuring 57,411 square feet, is shadow-anchored by The Home Depot with Harbor Freight Tools, AutoZone, and ArchWell Health as additional anchors. Throughout 2024, Promenade North reported significant leasing momentum. The occupancy rate at the time of sale was 97.27%, with 92% being national-credit tenants. The average anchor lease term is 10 years.

 

Located in a major retail corridor in Montgomery, the shopping center is seen by over 50,000 vehicles per day, positioning it for success.

 

“Promenade Montgomery garnered a significant amount of immediate interest and early offers from a plethora of buyers. This reflects its highly sought-after retail fundamentals and the growing appetite within the investment community for well-located, established neighborhood retail properties,” Mayson said.

 

For more information or to contact a Matthews™ specialized agent, please visit
www.matthews.com.

 

About Matthews™

Matthews Real Estate Investments Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 25+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.