#United States #Beaumont #retail acquisition #AlbaneseCormier #McGowin Park

AlbaneseCormier Strengthens Its National Footprint with Retail Acquisition

AlbaneseCormier, a prominent player in the open-air shopping center sector, has made a significant move to broaden its national presence by acquiring a substantial portfolio of open-air retail properties. The newly acquired portfolio spans 714,054 square feet and consists of four distinct shopping center properties located throughout Alabama, Wisconsin, and Michigan. This acquisition not only marks AC's first entry into the Wisconsin real estate market but also reinforces its foothold in Alabama and Michigan, where it continues to expand its influence in the retail sector.

Overview of the Portfolio

The latest addition to AlbaneseCormier's property holdings includes the following key assets:
1. McGowin Park, located in Mobile, Alabama, covering 374,881 square feet.
2. Bison Hollow Shopping Center in Traverse City, Michigan, encompassing 134,798 square feet.
3. Oak Brook Square situated in Flint, Michigan, with a total area of 152,073 square feet.
4. Dick’s Sporting Goods and PetSmart Center located in Oshkosh, Wisconsin, occupying 52,302 square feet.

This portfolio boasts a diverse tenant mix of over 50 retail outlets, anchored by major national brands including Costco, Dick's House of Sports, HomeGoods, TJ Maxx, and Starbucks, among others. The presence of these well-known names underscores the strategic value of this acquisition and is likely to attract significant foot traffic to the centers.

Strategic Implications for AlbaneseCormier

Clinton Mitchell, Chief Investment Officer at AlbaneseCormier, emphasized the strategic significance of this acquisition, stating, “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.” The firm is optimistic about the scalable opportunities this portfolio presents, noting that the open-air retail segment remains robust due to strong consumer demand, limited new supply, and appealing valuations compared to replacement costs.

AlbaneseCormier's acquisition was facilitated by RCG Ventures, with representation from Ben Wineman of Mid-America Real Estate as the seller’s agent. The firm has been active in the acquisition, management, leasing, and development of real estate in the U.S. since 2001, amassing a sustainable business model that has successfully exceeded 6 million square feet of total real estate.

Future Outlook

Looking ahead, AlbaneseCormier is well-positioned to capitalize on emerging market trends and opportunities. As retail dynamics continue to evolve, the firm remains committed to adapting its strategies to meet changing consumer needs and preferences, ensuring that its portfolio remains not only relevant but also competitive in the retail landscape.

With a combination of experience and innovative strategies, AlbaneseCormier is on track to redefine the future of open-air retail and continue its growth trajectory in key markets.

For more information about AlbaneseCormier, you can reach out to Clinton Mitchell at [email protected] or visit their website at ac-us.com.