Ohio-based Chase Properties, a shopping center owner-operator firm, has acquired Shops on the Circle in Dothan.
The 183,000-square-foot shopping center is home to TJ Maxx, Pet Smart, Big Lots, Five Below and Old Navy.
“Despite the rocky lending environment created by the COVID-19 pandemic, Chase was able to obtain financing and execute the transaction on the terms and timeline agreed to with the seller,” Chase said in a prepared statement.
The acquisition is the first of its type in Alabama for Chase Properties.
“Shops on the Circle is an outstanding addition to our portfolio,” said Andy Kline, Chase Properties’ Co-CEO. “We are excited to own in Dothan, with its strong economy, growing employment base and large trade area. Shops on the Circle is a terrific example of our strategy of buying high quality shopping centers located in stable, regional markets such as Dothan.”
Founded in 1973, Chase Properties owns and operates 34 shopping centers, totaling 7 million square feet, in 17 states.