Achieves over 50% Return on Equity
Gadsden, Alabama – December 19th, 2016 – Cohen Equities announced today it has sold Etowah Crossing, its 43,000 square foot shopping center at 954 Gilbert Ferry Rd in Gadsden, Alabama, for $3.5 million, an over 50% return on equity. Marcus and Millichap represented Cohen Equities in the deal.
Cohen Equities acquired the asset in December of 2013. Since then, ownership secured a renewal with Dollar Tree, the property’s anchor tenant, signed a new lease with Verizon, and brought the Church of the Highlands to the center for 4,200 square feet. Renewals were secured for all other major tenants.
Etowah Crossing Shopping Center is situated on the intersection of Interstate 59 and Gilbert Ferry Road. The shopping center is adjacent to a Walmart Supercenter and across the street from a Cato and Fitness anchored center.
“This deal was a success in that we entered a distressed asset, stabilized it, and added value,” said Meir Cohen, Chairman and CEO of Cohen Equities. “Beyond that, I believe it is a testament to our flexibility as a firm working within a rural market.”
About Cohen Equities
Cohen Equities is a national real estate investment firm that pursues commercial assets that present an opportunity to add value in both secondary and gateway markets. The company has successfully invested in and improved more than 9 million square feet of real estate across the United States. Led by Meir Cohen, a real estate veteran with more than 30 years of experience, Cohen Equities creates significant value through active management, leasing and repositioning activities. For more about Cohen Equities, please visit cohenequities.com.
Chief Investment Officer