Halpern Enterprises, Inc., has expanded its retail portfolio with Inverness Plaza, a prominent 74,719-square-foot shopping center at Highway 280 and Valleydale Road in Birmingham, Alabama. The transaction represents Halpern’s fifth property purchase in the last five years, and the company’s first shopping center acquisition in the Birmingham MSA.
“We are thrilled to add another stable, established shopping center to our portfolio,” said Halpern Enterprises President Matthew Oppenheimer, “Well-positioned along Birmingham’s 280 corridor, Inverness Plaza benefits from strong anchor tenancy and a dense population base.”
Built in 1985, Inverness Plaza was 98% leased at the time of purchase and is anchored by a 25,527-square-foot PGA Superstore and a 20,158-square-foot Planet Fitness. Other notable tenants include The UPS Store, Diamond Golf Cars and Metro Diner. The shopping center also features Regions Bank, PNC Bank, CVS Pharmacy and Alabama Outdoors on separately owned outparcels at the entrances to the property.
Inverness Plaza is situated at the highly visible intersection of Valleydale Road and Highway 280, adjacent to Inverness Corners, a 242,000-square-foot shopping center anchored by Kohl’s and Winn-Dixie. An average of 78,524 vehicles per day pass by the center on Highway 280, and a population base of more than 90,000 residents live within a five-mile radius.
For leasing information, contact Benjamin Halpern.