PROPERTY: The Plaza – Gardendale
ADDRESS: 592 Fieldstown Road, Gardendale, AL
SIZE: 16,800 SF
BUYER: Gardendale Plaza, LLC – an investment group lead by Shannon Waltchack, LLC
SELLER: McAdam Properties, LLC
This fully-leased center is anchored by Fresenius Medical (NYSE: FMS) and Rehab Associates and sits in the heart of Gardendale’s most traveled corridor.
“This property is a stabilized investment that fills a need within our portfolio as there are long-term leases in place with national credit tenants,” said Andrew Patterson, CCIM, CPM, a Principal at Shannon Waltchack. “We are bullish both on the Gardendale submarket as well as healthcare tenants. Medical real estate is an asset class that should outperform over the next decade due to current demographic trends and the additional demand created by the Affordable Care Act.
The acquisition was financed by Aliant Bank.
Shannon Waltchack is a Birmingham-based commercial real estate firm that manages a diverse portfolio of approximately 2 million SF of real estate across the Southeast. More information can be found at www.shanwalt.com.
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