Birmingham, AL – Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, brokered the sale of Eastwood Village East, a shopping center located just south of the Century Plaza Mall site in Birmingham, AL. The shopping center is anchored by the country’s largest retailer store, a Walmart Supercenter, and sold within 98 percent of list price. The transaction was completed by Associate Tripp Brown and Regional Director Johnny Blue Craig.
Matthews™ represented the seller, MAP Development, a real estate agency based in Alabama. The seller was looking to divest their properties after several years as a preferred Walmart developer and building a large investment portfolio. Matthews’ brokers utilized the firm’s comprehensive database and robust marketing platform to generate several offers and create a competitive bidding environment.
“We were well positioned to take advantage of the current national interest in the Southeastern markets by utilizing our national shared database to source offers from each corner of the country,” Brown said. “Our tenacity in actively reaching out to the buyer pool and following up on buyer engagement via Matthews’ proprietary platform produced 10 total offers and an aggressive cap rate for our seller.”
The buyer, a private investor out of Nashville, was interested in the shopping center due to its proximity to an Amazon distribution center, currently being built .5 miles from the asset. Upon the completion of the Amazon facility, the buyer expects the area to grow in population and increase in value, providing a long-term, profitable investment.
“Although we incurred multiple changes in tenancy during the escrow process, we navigated concerns, answered questions, and closed at the contract price.” Craig said, “As real estate experts, we work to ensure both parties to the transactions are well informed and are confident in their investment decisions no matter the challenges that arise.”
Matthews Real Estate Investment 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. Founded in El Segundo, CA, and strategically positioned with over 400 agents and support staff in over 13 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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