BEACHWOOD, Ohio — Chase Properties, a Beachwood, Ohio-based owner and operator of shopping centers, announces the acquisition of Shops on the Circle in Dothan, Alabama. Shops on the Circle is an approximately 183,000 square foot shopping center that is anchored by TJ Maxx, Big Lots, PetSmart, five Below and Old Navy. Despite the rocky lending environment created by the Covid-19 Pandemic, Chase was able to obtain financing and execute the transaction on the terms and timeline agreed to with the seller.
Shops on the Circle benefits from being positioned in the heart of the Dothan retail corridor and draws shoppers from a wide trade area that spans over 30 miles.
Shops on the Circle is Chase Properties’ first large-scale open-air shopping center acquisition in Alabama, as the company continues to expand by acquiring high quality shopping centers in secondary and tertiary markets. According to Andy Kline, Chase Properties’ Co-CEO, “Shops on the Circle is an outstanding addition to our portfolio. We are excited to own in Dothan, with its strong economy, growing employment base and large trade area. Shops on the Circle is a terrific example of our strategy of buying high quality shopping centers located in stable, regional markets such as Dothan. The acquisition proved that getting deals done in this environment is possible and that we are always ready to transact on the right opportunity.”