The Highway 150 corridor in Hoover continues to see economic growth. Lake Crest Plaza, located at 2341 John Hawkins Parkway, near the intersection with Lake Crest Drive, was purchased by FrostPoint Capital of West Palm Beach, FL for $5.63 million. The center has several tenants, including the Cajun Cleaver, Oak & Ale, Johnny Brusco’s, La Brisa Mexican Restaurant, Pure Style Salon, Lake Crest Chiropractic, The Nail Place, Smoker’s Dream, and Thompson Fitness.
“We’ve been eyeing the Birmingham market for a few years,” said Taylor Gerhardt, president and managing principal of FrostPoint. “Every trip we’ve taken to Birmingham, we’ve liked the area and people more and more.”
When asked about their strategy for the center, Gerhardt said, “Our strategy is to be present for our properties. We don’t want to be absentee owners.” FrostPoint has an office in Atlanta, allowing them to visit the property regularly and be there quickly if a need arises. “We’ve contracted Crawford Square Real Estate Partners in Birmingham to lease and manage the center as well.”
FrostPoint plans to renovate the center as soon as they can. “We’ve already engaged our architect who has helped us with past projects,” Gerhardt said. “We are moving forward quickly. When we buy a property, we don’t want it sitting in its current state for too long. It has our name on it, and we want it to look its best quickly.”
One of their tenants, Whiskey Foxtrot, previously decided to move further down Highway 150, closer to Walmart and Highway 31. “We knew they had already signed a lease elsewhere,” Gerhardt said. “We hate to lose them but understand they made the move that was best for them.”
“Overall, this was the perfect opportunity for us to enter the Birmingham market,” Gerhardt said. “With Lake Crest and Ross Bridge, and Everlee starting to come online, plus the new exit on I-459 very close by, Lake Crest Plaza is situated in a great spot.”
The center’s newest tenant is Oak & Ale, a neighborhood pub and bar that opened in April. Read more about it here.