Photo courtesy of Vestavia Hills City Center
Burton Property Group has acquired Vestavia Hills City Center for $76 million, marking the Mobile-based company's first investment in the Birmingham metropolitan area.
The transaction, completed July 1, includes the 390,000-square-foot mixed-use retail and commercial development at 700 Montgomery Highway. Opened in 2003, the center is home to more than 60 businesses and is anchored by Publix, with tenants including AMC Theatres, Taco Mama, Starbucks, Panera Bread, Planet Fitness, Davenport's Pizza, Karen's Hallmark and Pet Supermarket.
Burton Property Group said it plans to make thoughtful improvements to the property while supporting existing tenants and continuing leasing efforts.
"We are excited to officially add Vestavia Hills City Center to our portfolio," CEO Philip G. Burton said in a statement. "This is a meaningful asset in a strong market with tremendous long-term potential. Vestavia Hills is an exceptional community, and we look forward to investing in the property, supporting its tenants, and enhancing the experience for customers and the broader community."
The company said its long-term plans include property upgrades, tenant support and creating additional momentum for the center.
Founded in 2012, Burton Property Group is one of South Alabama's largest commercial real estate investment, development and management firms. The company has completed nearly $1 billion in real estate projects and manages investments across multiple property sectors throughout the Southeast.
