Promenade Montgomery & Promenade Montgomery North
Promenade Montgomery is a community center anchored by Winn-Dixie, HH Gregg, Guitar Center, Goody’s, Tuesday Morning, Dollar Tree, Arby’s and Chick-fil-A, among other national chains. Promenade Montgomery North is a nearby community center anchored by Home Depot, with national tenants such as Harbor Freight Tools, FedEx Kinko’s, Subway and Republic Finance. Together the centers have over 270,000 square feet of retail space.
“We are excited to expand the Monarch footprint into Alabama for the first time and are already working on another acquisition in the market,” stated Monarch’s Managing Principal, Stephen M. LaMastra. “We are thrilled to further expand our relationships with current anchor tenants such as HH Gregg, Goody’s and Dollar Tree, while adding great national retailers like Guitar Center, Rainbow, The Avenue, and Tuesday Morning to that list.”
Monarch acquired the property from Garrison Investment Group of New York. Financing for the transactions was provided by regular Monarch financing partner A10 Capital, along with new partner RAIT Financial Trust.
With the addition of the Montgomery properties, Monarch and its affiliates now own and manage over 1,100,000 square feet of retail space and reached that milestone in little more than a year since LaMastra arrived at Monarch.
Monarch plans to acquire $200 million of properties in 2014 and $500 million by 2016.
Monarch is an affiliate of Atlanta-based Crown Holdings Group, founded in 2009. Crown plans to grow into “one of the most active real estate companies in the southeastern U.S.” over the next two years, according to co-founders Moshe Manoah and Blair Schlossberg.
Monarch Investments is actively seeking retail shopping centers located in the United States. Please contact Stephen M. LaMastra at (770) 391-1233 for more information.