Birmingham Business Journal by Ryan Poe, Reporter
Date: Monday, January 7, 2013, 11:47am CST
An investment group led by real estate firm Shannon Waltchack LLC has acquired the Chace Landing Shopping Center in Hoover for nearly $4.4 million.
The investors, under the legal names Hollywood Arms LLC and Chace Landing Partners LLC, paid just more than $337 per square foot for the 13,000-square-foot center at 4730 Chace Circle, public deed transaction records show.
The deal, which closed in the final weeks of December, was one of the pricier retail deals per square foot of 2012, said Harbert Realty Services Inc.’s Parrish Taylor, who represented seller Cobb Bridge Partners LLC.
Derek Waltchack and Andrew Patterson, both principals of Shannon Waltchack, represented investors in purchase negotiations.
Taylor, whose firm originally developed the center, said the ownership group had a sunset provision coming up, and a partner who wanted to buy for the right price.
The shopping center is strategically situated on U.S. 31 just south of the Riverchase Galleria, with a list of restaurant tenants that includes Five Guys, Genghis Grill and Jimmy John’s.