Atlanta, Georgia (June 28, 2022) — Coro Realty and PGM Properties have sold Muscle Shoals Commons, a 58,760 square-foot Publix-anchored retail center in North Alabama, for $13 MM. The partners developed the property in 2016, marking the third joint venture between Coro Realty and PGM.
“Coro Realty is thrilled to have executed another successful retail project with PGM,” said Robert Fransen, Managing Partner. “Muscle Shoals Commons is in a centralized, established location with excellent accessibility. With PGM, we were able to bring Publix, a highly sought after anchor, to the site.”
In a testament to Muscle Shoals Commons’ appeal and success, Publix purchased the property.
Fred Victor or Transwestern’s Southeast Investment Services Group represented the seller in the transaction.
Muscle Shoals Commons, 501 W 6th St Muscle Shoals, Ala, is 90% leased, with retailers including Great Clips, Healthsource Chiropractic and Yogurt Mountain. It is in the heart of Muscle Shoals, with visibility in the primary retail corridor. Publix, the No. 1 grocer in Alabama, had 15 years remaining on its lease.
The sale continues Coro Realty’s strategy of diversifying its portfolio and redeploying capital to infill sites and densifying markets.
About Coro Realty
Coro Realty was founded in 1997 and is synonymous with intelligent real estate development and investment. With a commitment to smart growth, the urban landscape and innovation, Coro Realty continues to demonstrate its leadership in the market with the successful execution of quality investments. It provides investment, asset management, leasing and property management for a myriad of commercial and residential properties throughout the Southeastern United States. Coro Realty oversees approximately 50 properties valued in excess of $1 billion. For more information, visit cororealty.com.
Media contact: Thornton Kennedy, (404) 210-0363, thornton@prsouth.net