Investor buys Hoover shopping center for $14M, eyes improvements

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The Rosen Group

Publix anchors Valleydale Village, which just sold to The Rosen Group out of New York.

Bryan Davis

Reporter- Birmingham Business Journal

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New York-based The Rosen Group has acquired Valleydale Village, a Publix-anchored shopping center, for $14.7 million.

The shopping center is located at 5180-5192 Caldwell Mill Road, at the intersection of Valleydale Road.

The Rosen Group President Joseph Maguire confirmed the purchase and said the firm is formulating a plan to improve multiple aspects of the property.

The Rosen Group was drawn to the property because of the its location and the Publix.

"We like Alabama. We particularly like Hoover and this real estate," Maguire said. "We think this intersection is one of the strongest intersections in the region."

This is the Rosen Group's first purchase in Alabama, but it is not the firm's first purchase of a Publix-anchored center.

"Pulbix is one of the best, if not the best, supermarket operators in the country," Maguire said.

Maguire said improvements would be made to the property's landscaping, the parking lot, signage and the area that once housed Piggly Wiggly and Big B Drugs.

The Brass Bear, an antiques and furniture shop will occupy the 30,000-square-foot space where those businesses once leased.

The Rosen Group is formulating a new marketing plan for the remaining approximate 8,000 square feet of space available at the center.

Other tenants besides Publix include Guo Liang Zeng, Brava Rotisserie Grill, Taco Bell, Subway, The Neighborhood Brew, and CJ SPorts Cards.

Maguire said The Rosen Group is going to continue to explore opportunities for real estate purchases in metro Birmingham and Alabama.

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