Pegasus Announces the Sale of Dothan Commons Retail Center

PROPERTY IS HOME TO STARBUCKS' FIRST DRIVE THRU IN THE WIREGRASS REGION

News provided by

Pegasus Investments Real Estate Advisory Inc.

Jun 14, 2021, 14:00 ET

CENTURY CITY, Calif., June 14, 2021 /PRNewswire/ -- Pegasus Investments Real Estate Advisory Inc. ("Pegasus"), in cooperation with Bennett Realty & Development LLC, is pleased to announce the recently completed sale of a newly constructed, Starbucks Drive-Thru-anchored retail center located in Dothan, Alabama ("Dothan Commons").

Dothan Commons is 100% leased to an impressive mix of regional and national tenants including Starbucks, AT&T, Jersey Mike’s Subs, Merle Norman Cosmetics, Southern Nutrition, and Everly Nail Spa.

Notably, Dothan Commons features the very first Starbucks Drive-Thru in the Wiregrass region and is the only Starbucks Drive-Thru location within almost 100 miles.

Dothan Commons’ location benefits tremendously from the area’s dominance as the regional economic hub, boasting excellent visibility and access along Montgomery Highway – the primary commercial thoroughfare.

Dothan Commons is 100% leased to an impressive mix of regional and national tenants including Starbucks, AT&T, Jersey Mike's Subs, Merle Norman Cosmetics, Southern Nutrition, and Everly Nail Spa. Notably, Dothan Commons features the very first Starbucks Drive-Thru in the Wiregrass region and is the only Starbucks Drive-Thru location within almost 100 miles. In addition, Dothan Commons' location benefits tremendously from the area's dominance as the regional economic hub, boasting excellent visibility and access along Montgomery Highway – the primary commercial thoroughfare.

The Pegasus advisory team led by David Chasin represented the sale listing on behalf of the Seller, a Southeastern regional retail and shopping center developer. The Pegasus team sourced 6 offers shortly after launching the Property to market. The Buyer was a high-net-worth investor represented by Bill Howard of Bennett Realty & Development, a New Jersey-based firm which has worked closely with Pegasus on multiple transactions.

As a testament to the vertically integrated Pegasus platform, the Pegasus team expediently arranged for asset management and debt financing of the property. Tyler Johnson of Pegasus Capital Markets Inc. arranged the sale's debt financing, and Seth Bell of Pegasus Asset Management Inc. was engaged to provide ongoing property management on behalf of the new owner. The Property was 100% occupied at time of sale. The sale price was $4,697,000, resulting in a 6.79% cap rate.

David Chasin, Managing Director at Pegasus remarked, "We appreciate the opportunity to collaborate with a firm like Bennett Realty & Development. Most brokers that represent a high-profile client overlook the benefits of collaborating with a distinguished firm like Pegasus for fear of losing the client. They could value their own interests above the client's long-term success. But not Bill Howard. Bill has been able to elevate the performance of his client's real estate portfolio. Conversely, Pegasus benefits tremendously by having relationships with brokers like Bill who have quality, loyal clients who can take advantage of services in which Pegasus has a specialized focus, such as dedicated asset management and capital markets services housed under a single roof."

David Chasin and Daylin Ackerman led the advisory team, which is focused on representing buyers and sellers of high-quality net-leased real estate investments nationwide. For additional information, please contact Pegasus Investments at 310.691.1350.

Pegasus Investments represented the seller in cooperation with Adam Slutzky, an Alabama licensed real estate broker.

SOURCE Pegasus Investments Real Estate Advisory Inc.