Alabama retail deal surpasses $33M

Property located at complex under construction

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Locally based AIG Baker sold a 194,629-square-foot portion of Village at Lee Branch in Birmingham, Ala., for a price of $33.5 million. Baltimore, Md.-based LaSalle Investment Management purchased the fully occupied retail property, which is located on Highway 280 East approximately one mile from the Highway 119 intersection. Built in 2003 and situated on 25.5 acres, the majority of the acquired portion of the asset at closing was occupied by Academy Sports (70,000 square feet) and Publix (54,000 square feet). Other tenants include Lifeway Christian Bookstore, Bryant Art Traders and WineStyles. When the entire project is complete, Village at Lee Branch will total 86 acres and will include retail, entertainment, office and residential components. ...