Several medical groups have partnered to redevelop a Greystone shopping center.
Located at 5406 Highway 280 S., the Crossroads at Greystone will soon be redeveloped into a medically focused center.
According to public records, The Crossroads at Greystone LLC sold the 50,000-square-foot retail center in Hoover of the same name to Crossroads 2021 LLC in August 2021 for $3.87 million. The medical entities associated with the property’s purchase include Andrews Sports Medicine and Orthopaedic Center, Skin Wellness Dermatology, AllerVie Health and Birmingham Orthodontics.
According to Stutts Everette, a qualifying broker at Randall Commercial Group, the purchasing team made a strategic decision to partner with local medical groups for a redevelopment.
“It is a chance to reinvest in the community and cater to the existing patient base of our partner practices while capitalizing on a premier location in a market with intense density growth,” he said.
Veritas Medical Real Estate Advisors represented the medical practices in the shopping center deal. Everette with Randall Commercial Group represented the buyers in the transaction. Dick Darden of First Sunbelt Properties and Bo Grisham of Graham and Co. represented the seller.
“We felt it’s a well-known destination, located just off a major highway interchange, that has six points of access, ample parking, and all the existing tenants will remain,” Everette said.
Situated at the corner of Highway 280 and Highway 119/Cahaba Valley Road, the shopping center is in a high-traffic community near high-income residents. The $7 million development opened 20 years ago in fall of 2002.
Retail centers like the Crossroads at Greystone offer ample parking and accessibility for health care patients that urban medical care centers might not necessarily comfortably offer.