Fairway Investments and Pope & Land Real Estate are pleased to announce the acquisition of The Brookwood Village Mall located between the Mountain Brook and Homewood communities in Birmingham. The acquisition also included the adjoining Fresh Market anchored retail center.
“We are excited to acquire this iconic Birmingham asset which is across the street from our Fairway office. We are looking forward to working with the cities of Mountain Brook and Homewood to try to transform the struggling mall into something more appropriate and representative of the communities it serves. A lot of work lies ahead which is why we have chosen to partner with Pope and Land Real Estate. Fairway and Pope and Land have been working together for more than 20 years to develop and enhance commercial real estate through the Southeast. Pope and Land is best in class in solving complicated real estate. We look forward to working with them and our other partners to try to unlock Brookwood Village’s true potential” said Sims Garrison, COO of Fairway Investments.
Like many of its peers throughout the country, Brookwood Village was once a vibrant, enclosed shopping destination featuring the best names in retail. In recent years the Mall had steadily begun to decline but its demise was accelerated by the Pandemic which has resulted in the substantial vacancy that exists today. While the enclosed mall format has become less popular, the location, demographics, accessibility, and prominence of the site provide numerous opportunities for enhancement or redevelopment.
“The unique and irreplaceable dynamics of the Brookwood Village property and our longstanding relationship with Fairway Investments are the reasons that Pope & Land chose this acquisition as our first venture in Alabama. We are confident that the path forward will include some way to leverage the impressive location, accessibility and demographics and a potential opportunity to create a central gathering space and integrate it with a re-imagined Shades Creek,” said Larry Kelly, CEO and Vice Chairman of Atlanta-based Pope & Land Real Estate.
Fairway and Pope & Land will lead the development team which currently includes architectural and planning services provided by Goodwyn Mills Cawood, DAG Architects, and numerous other consultants. No announcement has been made yet regarding the team’s plans for the property or their timing for the repositioning or redevelopment.
Completed in 1973 by the Shepherd family, over the years the Mall was home to numerous local favorites such as Gus Mayer Clothing, Farrell’s Ice Cream Parlor, Aladdin’s Castle, Oshman’s Sporting Goods, Sons & Harwell, Rosenberger’s, EE Forbes & Sons Piano, Just For Feet, The Jolly Ox and Chick-fil-A’s first restaurant in Birmingham. The original anchors, Rich’s and Pizitz, eventually became Macy’s and Belk’s. Colonial Properties Trust acquired the mall and completed an extensive overhaul of Brookwood Village in 2001, creating an outdoor streetscape and adding exterior restaurants Cocina Superior, Brio, Jason’s Deli, Five Guys Burgers & Fries and The Copper Grill. Today, only Macy’s, a few retailers, Hickory Tavern and 5 Guys Burgers & Fries remain open.
About the Team —
Birmingham-based Fairway Investments was founded over 30 years ago and invests, develops and joint venture develops in all real estate asset classes from Texas to Virginia. Fairway’s investment portfolio includes over 2.2 million square feet of retail, over 11,000 apartment units, almost 2.75 million square feet of industrial assets and over 1.5 million square feet of office space. Fairway Management Group, a sister company to Fairway, was created in 2009 to oversee the management of Fairway’s controlled assets and to engage in select 3rd party management opportunities. Fairway Management group has become an integral piece of the Fairway team as Fairway continues to expand its portfolio of assets.
Fairway and Pope & Land have enjoyed a relationship investing and developing real estate for over 20 years including mixed-use, office, retail, and multi-family.
With a continuous history dating back to 1979, Pope & Land Real Estate specializes in developing office and mixed-use properties in the Southeastern United States. The portfolio of Pope & Land-led partnerships includes projects throughout the Metro Atlanta area and in Orlando, Jacksonville, Charleston, and Charlotte. Pope & Land has developed and acquired millions of square feet of office, thousands of acres of land and executed billions of dollars in real estate transactions. Notable Pope & Land-led projects include City Park Charlotte, the redevelopment of the former Charlotte Coliseum, the Northwinds and Barrett suburban mixed-use developments and 3630 Peachtree, a vertical mixed-use project in Buckhead featuring Ritz Carlton Residences on top of office and retail. Pope and Land was also the master development coordinator and office partner for the Braves Development Company and the development of The Battery Atlanta, home of the Atlanta Braves.
More information is available at www.popeandland.com