The Shoppes at EastChase in Montgomery has been sold in what the buyer is calling “one of the Southeast’s largest retail center transactions of the year.”
Houston-based 5Rivers CRE leads a partnership that purchased the 389,000-square-foot center that is anchored by Ross, PetSmart, Aldi, H&M, Sephora and Lululemon and is shadow-anchored by Target and Dillard’s.
Terms of the sale, which closed at the end of 2022, were not disclosed.
“EastChase represents the quality of asset we’re targeting in the Southeast and Texas,” said Analee Bivins, head of acquisitions at 5Rivers. “It was particularly important for us to maintain our position as a key owner of Class A retail product in the state of Alabama. Dominating this market has enabled 5Rivers to offer retailers the opportunity to establish a profitable presence in the region in high visibility centers.”
Other recent purchases by 5Rivers include the Riverchase Promenade in Hoover in October.
“5Rivers is continuing to pursue properties in Texas, Alabama and other Sunbelt states, particularly in the healthy lifestyle retail sector,” Bivins said. “5Rivers has been successful finding opportunities in the midst of a complex lending environment with a tighter debt market and we anticipate a steady flow of acquisitions throughout the year.”