7/12/2007

First phase of Birmingham retail center sells for $33.54 million

by

The Village at Lee Branch

LaSalle Investment Management purchased the 100 percent leased 194,629 square foot first phase of the Village at Lee Branch retail center located at 410 Doug Baker Boulevard in Birmingham, Ala., from developer AIG Baker Shopping Center Properties LLC for $33.54 million.

Richard Walter and Donald MacLellan of Faris Lee Investments represented LaSalle Investment Management. AIG Baker Shopping Center Properties LLC represented itself.

LaSalle Investment Management is a major force in the world's real estate capital markets with $44 billion of assets under management invested in private real estate, both separate accounts and funds, and publicly listed real estate securities. They are a wholly owned, but operationally independent, division of Jones Lang LaSalle Inc., one of the world's leading real estate service providers.

The first phase of The Village at Lee Branch sits on on 25.52 acres and was completed in 2003. When completed, The Village at Lee Branch will total approximately 86 acres and will include retail, entertainment, office and residential components.

The majority of the acquisition is occupied by two tenants, Academy Sports who leases 70,000 square feet and and Publix with 54,000 square feet of leased space. Other tenants include Bryant Art Traders and WineStyles.

AIG Baker is a privately held, entrepreneurial-driven company that specializes in ground-up development, acquisition, and leasing of open-air retail centers nationwide.

Faris Lee has had more than 2,000 real estate transactions totaling more than $20 billion in value since 1998. They are based in Irvine Calif.



Address410 Doug Baker Boulevard, Birmingham, Ala.

Size194,629 square feet

Built2003

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Filed Under: Retail

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