PATTON CREEK SHOPPING CENTER
The lead agent’s share of the first mortgage secured by Patton Creek Shopping Center was acquired In March of 2010. Patton Creek is located in the city of Hoover, a submarket of Birmingham, Alabama and is a Class A retail power center. The property is anchored by Dick’s Sporting Goods, Rave Motion Theatre, Barnes & Noble, DSW, Ross, and Buy Buy Baby. A deed-in-lieu of foreclosure was negotiated and the deed was obtained in less than one month. Within three months of obtaining the deed, leases were executed with Buy Buy Baby and Christmas Tree Shops to occupy the two vacant boxes (former Circuit City and Linens N Things), all outstanding co-tenancy issues were resolved and the property was stabilized. Six months after closing, the property was refinanced with long term CMBS debt.