Eastwood Village shopping center sold for $17 million

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MAP Eastwood LLC sold the portion of the mall west of the Walmart, along with an out parcel to Eastwood Village Shopping Center LLC for $17 million, according to Jefferson County public records.

Bryan Davis

Reporter- Birmingham Business Journal

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The western portion of the Eastwood Village shopping center has been sold.

MAP Eastwood LLC sold the portion of the mall west of the Walmart, along with an out parcel to Eastwood Village Shopping Center LLC for $17 million, according to Jefferson County public records.

The 134,000-square-foot purchase at 1600 Montclair Road did not include the Walmart or anything east of the retail chain.

Phil Sambazis of the San Diego office of Marcus & Millichap represented the seller in the transaction.

Zach Taylor of the Marcus & Millichap's Atlanta office represented the buyer, an investor out of Louisiana.

Eastwood Village Shopping Center is a limited liability company that has Chris S. Simmons of Metairie, La. as its registered agent.

Sambazis said the mall is over 90 percent full and in good condition, and the buyer acquired the property as an investment.

T-Mobile and Starbucks occupy the out parcel sold, and Ross Dress for Less, Office Depot, Party City, Tuesday Morning and Shoe Carnival are tenants in the main portion that was acquired.

First developed in 1960, Eastwood Mall was one of the nation's first shopping malls. It enjoyed success until the early 2000s when a portion of the mall was demolished to make way for the Wal-Mart Supercenter after Wal-Mart purchased the property from Lehman Brothers.

The Wal-Mart opened in 2007.

Bryan Davis covers real estate, retail and manufacturing for the Birmingham Business Journal. Click here to follow him on Twitter.