5Rivers CRE Acquires 389K-SF Shoppes at EastChase in Montgomery

A partnership led by Houston, TX-based 5Rivers CRE has acquired the Shoppes at EastChase, a 388,700-square-foot lifestyle and retail center in Montgomery, AL.

Alex McDonald of Berkeley Capital Advisors represented the seller. Chad Owens with Northmarq The 72.5% LTV loan was structured with a 10-year term with 4-years of interest only followed by a 30-year amortization schedule on behalf of 5Rivers CRE.

EastChase is anchored by Ross, PetSmart, Aldi, H&M, Sephora, and Lululemon and is shadow-anchored by Target and Dillard’s. The property also has more than 85 stores and restaurants and is comprised of a lifestyle component, Shoppes at EastChase, and EastChase Plaza, a big-box center.

The Shoppes at EastChase follows 5Rivers CRE’s recent purchase of Riverchase Promenade in Birmingham in October and represents the company’s fifth retail center acquisition in the state. The privately held commercial real estate investment and asset management firm has a portfolio of 23 properties totals four million square feet.

“EastChase represents the quality of asset we’re targeting in the Southeast and in TX,” said Analee Bivins, head of acquisitions at 5Rivers CRE. “Dominating this market has enabled 5Rivers to offer retailers the opportunity to establish a profitable presence in the region in high visibility centers.”