Reflecting investors’ confidence in the Huntsville area economy, four shopping centers were recently purchased, according to Newmark Knight Frank, a commercial real estate advisory firm.
The four deals – Highway 53 Centre in Huntsville, Hazel Green Shoppes, Hazel Green Centre and Hartselle 31 Centre – are valued at more than $13 million and encompass 84,616 square feet of premium retail space.
NKF Senior Managing Directors Drew Fleming and Mark Joines, and Associate Henry Kushner represented Athens-based Ming Enterprises in all four transactions. Ming Enterprises, a commercial real estate development and brokerage company, is operated by father and son team, Bill and William Ming.
In the last year alone, several economic development projects were unveiled across the region that represent more than 6,000 new jobs and $4.1 billion in growth. Major employers expanding or relocating in metro Huntsville include Mazda-Toyota Manufacturing, Facebook, Google, GE Aviation and Aerojet Rocketdyne.
“The successful disposition of these four properties exemplifies the investor appetite for e-commerce resistant, un-anchored strip shopping centers located within markets that exhibit strong demographics and job growth,” said Fleming. “Strip centers have become a top choice for private capital seeking both yield and stability, and we anticipate healthy growth across this entire retail portfolio as North Alabama’s economy continues to expand and flourish.”
Ming Enterprises sold the 43,000-square-foot Highway 53 Centre at the intersection of Alabama 53 and Research Park Boulevard to a private buyer. The center is 100 percent leased to tenants Edward Jones, ALFA Insurance, ABC Liquor and other service-oriented uses.
The area boasts a combined traffic count totaling more than 40,000 cars per day, and is a major thoroughfare for commuters who work at Redstone Arsenal and Research Park.
In Hazel Green, Ming Enterprises sold the 30,500 square-foot Hazel Green Shoppes and the 6,212-square-foot Hazel Green Centre.
Hazel Green Shoppes on U.S. 231 was completed in 2017 and is 100 percent leased to anchor tenants Dollar Tree, Hibbett Sports and Verizon Wireless.
Hazel Green Centre, across the highway from Hazel Green Shoppes and in the same parcel as the Walmart Supercenter, was completed in 2015 and is 100 percent leased to tenants Arby’s, AT&T, Great Clips and Papa Murphy’s pizza.
In Hartselle, Ming Enterprises sold the 4,904-square-foot Hartselle 31 Centre, which was built in 2017. It is 100 percent leased to Arby’s, Great Clips and Papa Murphy’s pizza.