Promenade Fultondale Gets $23M Infusion

As one industry observer noted, it was a simple case of a Miami-based investment firm securing capital for a retail center in Alabama on behalf of a client based in Los Angeles and New York City.

South Florida-based Aztec Group recently secured a $14.7 million acquisition loan and $9 million of joint venture equity from a Miami-based family office for Promenade Fultondale, a 208,000-square-foot, retail power center north of Birmingham.

Promenade Fultondale is currently 96.5% occupied with a tenant roster of national and regional retail tenants that include: JC Penney, Ross, Books-A-Million, Five Below, Bath & Body Works and Shoe Depot. The center, built in 2008, is shadow anchored by a Target and Ashley Home.

Aztec Group’s Brell Tarich and Charles Penan secured the financing on behalf of an affiliate of LBX Investments, based in Los Angeles and New York City, which owns in excess of 1.4 million square feet of retail space across the Southeast U.S.

Alliant Credit Union provided the fixed-rate, non-recourse loan. Aztec Group Inc. specializes in facilitating the acquisition, disposition, financing and capital needs of real estate projects for institutional investors, entrepreneurs and commercial developers, as well as offshore clients.

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