Conn’s Home Plus, from left, Harbor Freight and FedEx Office are seen in the Promenade North shopping center in Montgomery, Ala., on Tuesday October 20, 2020. (Photo: Mickey Welsh / Advertiser)
A Montgomery shopping center will be auctioned to the highest bidder at an online auction next month.
Promenade North at 2424 East Boulevard will be auctioned starting at noon November 16. The center is anchored by Harbor Freight and Conn’s HomePlus along with several other retailers across over 100,000 square feet of stores. The Home Depot is not part of the shopping center but shares a parking lot and is considered a shadow anchor.
The starting bid is $2.5 million.
Atlanta-based Monarch Investments bought the center for $3.6 million in 2014 while also buying its sister Promenade Montgomery development nearby for $10.8 million. There’s been a lot of change at both centers since then.
Former Promenade Montgomery anchor h.h. gregg closed and Ollie’s Bargain Outlet opened in its former spot. Winn-Dixie left Promenade Montgomery earlier this year as part of a national contraction.
At Promenade North, Conn’s HomePlus moved in to the former Gander Mountain spot, and Rock Bottom American Pub closed and was replaced in an outparcel space by Discount Tire.
Less than 75% of the space in Promenade North was occupied when Monarch Investments bought it. As of September 30, it was over 83% occupied.
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Average household income within five miles of the shopping center is over $67,000, and an average of 56,000 vehicles travel the boulevard next to the center each day, according to the auction materials.
The auction is being handled by Ten-X Commercial.
Contact Montgomery Advertiser reporter Brad Harper at [email protected]
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