Fairfield, AL, September 12, 2007— In recent months Nassimi Realty, the New York City based investment and development company has acquired Seven retail properties in the eastern half of the United States including Southfield Plaza at Northland Shopping Center in Southfield, MI and Cedar Village Plaza in Holland, MI, Target 31 Shopping Center and Felbram Plaza in Indianapolis, First Diamond Plaza in Evansville, IL, and two Ohio centers including K-Mart Plaza in Springfield, Northland Plaza in Columbus, OH.
Nassimi Realty has now made their first acquisition in the Alabama market with the purchase of Flintridge Center; an approximately 293,000 square foot shopping center in the western portion of the downtown Birmingham market.
Flintridge Center was purchased from Life Investors Insurance Company Of America. The center is located on Aaron Aronov Drive, just off Interstate 20 and 59. The center is anchored by a Sears store and includes a Radio Shack, CATO women’s fashions and Sally Beauty Supply stores.
Nassimi Realty President, Mike Nassimi, has said, “our specialty is turning around this sort of under performing retail site. We plan to reposition Flintridge Center to capitalize on its potential. The location has great visibility on a regional corridor in a densely populated market. We have approximately 100,000 square feet available and will be looking for a second anchor as well as additional in-line stores”.
Nassimi Realty is a privately held diversified investment and development company with holdings that include over five million square feet of retail, office, and residential property. Retail centers are located in suburban Philadelphia, New Jersey, New York, North Carolina, West Virginia, Alabama, Florida, Indiana, Michigan, and Ohio; office buildings in New York City, New Jersey, and Cleveland; and residential developments in New York. The company continues to search for additional properties as part of an aggressive effort to expand its portfolio to growing markets nationwide.