801 Doug Baker Boulevard
A 223,100 square foot community center located in Hoover, Alabama, a suburb of Birmingham, Alabama. The property was acquired in September 2012 for $15.7 million from Wells Fargo and BBVA Compass at a 9.6% cap rate. The property is located in the 280 Corridor, a regional retail node with strong demographics. The shopping center is anchored by Hobby Lobby and a Carmike 15 screen movie theatre and shadow anchored by Publix and Academy Sports.
The investment strategy is to use the favorable acquisition basis to lease vacant shop space, add new anchor tenants, and develop vacant land.