Colonnade Retail Partners, LLC, a partnership led by Shannon Waltchack, recently closed on The Shops at the Colonnade, an 18-acre retail center with 127,000 SF of strong retail tenants.
The intersection at Highway 280 and I-459 is the fastest growing market for commercial and residential real estate in the Birmingham area. This interchange receives over 175,000 vehicles per day- the highest daily traffic counts in Alabama.
“We have invested in the immediate area of the Colonnade for the last 15 years and have had our eye on the Colonnade for quite some time. It’s a prime location for consumers, convenient to many office buildings, neighborhoods and surrounding shopping. This is a significant purchase for our firm, and we are excited to be the new owner of this fantastic Birmingham asset,” said Managing Partner Andrew Patterson, CCIM, CPM.
The timing is impeccable with Southern Company’s plans to relocate 2,000 jobs adjacent to the Colonnade. Grandview Medical Center opened last fall on Highway 280. The new 372-bed hospital encompasses 1 million square feet, serving the swiftly emerging communities of southeast Birmingham and Shelby County.
There are also 1,000+ apartment units being delivered to the area. The daytime population in the immediate area is approximately 102,195, which provides an excellent shopping base for small shop tenants and restaurants.
“The Colonnade makes an excellent companion to our existing portfolio of retail and office properties in the 280/459 market. Over the next 24 months the intensity of activity in the that trade area will be unparalleled. We would like to find more assets in the neighborhood to acquire.” said Partner Derek Waltchack.
The retail center is home to national brands such as Cracker Barrel, Mooyah Burgers and Fries, Jimmy John’s, Gold’s Gym, as well as expanding local tenants like Schaeffer Eye Center, Edgar’s Bakery, Avadian Credit Union and Taziki’s Mediterranean Cafe.