Merchants Retail Partners LLC, an affiliate of Leitbox Storage Partners, ended 2022 with the sale of a Publix-anchored shopping center in Cullman, AL. Leitbox did not disclose terms of the transaction.
The shopping center is located along Highway 31 between Alabama’s two largest cities, Birmingham and Huntsville.
“We redeveloped this necessity-based retail asset in 2017 as we were experiencing increasing sales volumes at this center and anchor tenant demand. We added some best-in-class retailers, such as Publix and Dicks, and it was time to harvest the gains from our efforts,” said Bill Leitner, managing principal, Merchants Retail Partners LLC.
MRP Cullman was a grocery-anchored retail center with 304,935 square feet and was 95% occupied at the time of sale. In addition to the 45,600 square foot Publix, the center also leases space to Dick’s Sporting Goods, Ross Dress for Less, Ulta Beauty, Five Below and PetSmart.
Leitbox Storage Partners, a private placement sponsor focused on self-storage investments, develops and buys self-storage facilities, often with mixed use and retail integration, in primary and secondary markets throughout the United States. In addition to the development of vertical self-storage properties, the company identifies and acquires big-box retail properties for conversion.
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