Cohen Commercial Properties Announces the Acquisition of Former McRae's Department Store

NEW YORK, Sept. 28 /PRNewswire/ -- Cohen Commercial Properties is pleased to announce that its affiliate, American Commercial Realty, has purchased a 64,000 square foot former McRae's Department Store located in Birmingham, Alabama. The non-contingent contract had a firm closing date of 30 days from contract signing and American Commercial Properties closed with cash.

The former McRae's (a division of Saks) is a 64,000 square feet free standing building with two floors of retail. The store is located in Roebuck Marketplace in a 167,140 square foot community shopping center shadow anchored by Super Wal-Mart. Roebuck Marketplace is a true community shopping center currently owned by an affiliate of Cohen Commercial Properties and managed by American Commercial Realty. Formerly anchored by Winn Dixie and Goody's, the center has been re-tenanted by Cititrends, It's Fashion Metro, and Rainbow Shops. In addition, a full redevelopment is planned for the shopping center including the addition of several outparcels in addition to the renovation of the former McRae's.

Cohen Commercial Properties has owned the Roebuck Marketplace shopping center since 2004 and has been actively repositioning the property with the continual growth spurred by the Super Wal-Mart traffic to the area. The center is going through a renaissance has seen tremendous leasing interest in the retailing of soft goods and now hard goods in the center.

Cohen Commercial Properties, with its affiliates, Cohen Asset Advisory, LLC and American Commercial Realty Corp., own and operate properties throughout the United States. For further information, please contact Arun Singh, the Acquisitions Director for Cohen Commercial Properties.

SOURCE Cohen Commercial Properties