Vestavia Hills City Center has a new owner after Mobile-based Burton Property Group acquired the mixed-use development for $76 million.
Major Birmingham-Area Real Estate Acquisition
Burton Property Group, a commercial real estate investment, development, and management company, purchased the 390,000-square-foot property located along Montgomery Highway (U.S. 31).
The development currently features more than 60 shops, restaurants, and businesses. The property serves as a popular shopping and dining destination for Vestavia Hills residents and visitors throughout the Birmingham area.
Popular Businesses Remain at the Center
Vestavia Hills City Center includes a mix of retail, entertainment, and service businesses. Current tenants include Publix, AMC Theaters, Planet Fitness, Davenports Pizza, Pet Supermarket, Karen’s Hallmark, and Girl Scouts of Northern Alabama.
Burton Property Group said it plans to build on the center’s existing success while creating new opportunities for growth and improvements.
First Birmingham Investment for Burton Property Group
The acquisition marks Burton Property Group’s first purchase in the Birmingham market. The company has completed numerous real estate projects across Mobile and Baldwin counties since its founding in 2012.
The firm’s portfolio includes River Walk Plaza, a major waterfront development project in downtown Mobile. According to the company, Burton Property Group has completed nearly $1 billion in real estate projects across the region.
Company leaders said they view Vestavia Hills City Center as an important community asset and plan to take a long-term approach to managing and improving the property.
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