HUNTSVILLE – AlbaneseCormier has acquired the Valley Bend at Jones Farm retail center, the Texas-based company announced today.
The 57.8-acre, super-regional open-air South Huntsville shopping center is one of the city’s premier retail destinations. It attracts 6 million visitors annually, according to AlbaneseCormier market statistics.
“We are very pleased to add Valley Bend to our growing portfolio of high performing open-air centers,” said Clinton Mitchell, chief investment officer at AlbaneseCormier. “This acquisition provides an attractive mix of stable in-place cash flow with several value enhancement opportunities in one of the most dynamic and rapidly growing markets in the Southeast.”
The market-dominant facility features a roster of best-in-class anchor tenants including HomeGoods, Dick’s Sporting Goods, Hobby Lobby, Marshalls, PetSmart and a mix of local and regional specialty retailers and restaurants, the company said.
Valley Bend also includes 10 outparcels and its separately owned SuperTarget is the No. 1-visited Target location in more than 50 miles, according to AlbaneseCormier.
“It is rare to acquire a center of this scale where you can maintain site-control owning all 10 outparcels which we believe provides future market-to-market potential and exit flexibility,” Mitchell said.
AlbaneseCormier, a commercial real estate company headquartered in Beaumont, said it chose Huntsville because it has outsized population growth of 23% since 2010 and its rapidly growing and highly educated workforce.
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