AlbaneseCormier Picks Up Multi-State Retail Portfolio

Beaumont, Texas-based property management company AlbaneseCormier recently announced the portfolio acquisition of retail properties located in Alabama, Michigan, and Wisconsin.

Already one of the largest privately held owners and operators of open-air shopping centers in the U.S., AlbaneseCormier expanded its presence in Alabama and Michigan with this latest purchase, which also marked the firm’s first acquisition in the state of Wisconsin.

The portfolio came with more than 50 tenants across four properties, including leading national brands such as Costco, Dick’s House of Sports, HomeGoods, TJ Maxx, Hobby Lobby, Petco, Old Navy, Sketchers, Ashley Furniture, and Starbucks.

Adding up to more than 714,000 square feet, the portfolio includes:

• McGowin Park: Completed between 2015 and 2016, the power center encompasses nearly 375,000 square feet of Mobile, Ala., retail space across five buildings situated at the crossing of U.S. Highway 90 and Interstate 65.
• Bison Hollow Shopping Center: Located along the popular retail corridor of US-31, the property draws customers from a 22-county area to nearly 135,000 square feet of Traverse City, Mich., retail space and is “next door” to The Great Wolf Lodge, one of the most attractive entertainment and indoor water parks in northern Michigan.
• Oak Brook Square: This community center was built in the 1980s and incorporates roughly 152,000 square feet of Flint, Mich., retail space with major street exposure on Linden Road near the crossing of interstates 69 and 75.
• Shopping Center Anchored by PetSmart & Dick’s: Located at the intersection of Interstate 41 (north-south from Milwaukee to Green Bay, Wis.) with State Route 21 (the main east-west lateral in town), the property incorporates more than 52,300 square feet of retail space in Oshkosh, Wis.

“This acquisition provided a unique opportunity to expand our Midwest portfolio with immediate accretive cash flow, while adding one of the most dominant super regional centers in the Southeast United States in McGowin Park,” said Clinton Mitchell, chief investment officer at AlbaneseCormier. “Scalable opportunities align with our firm’s conviction for open-air retail fueled by resilient demand, limited new supply, and compelling valuations relative to replacement costs.”