Mobile, Alabama’s Pinebrook Shopping Center Bought Out for $27 Million
A legal clash over Mobile, Alabama’s Pinebrook Shopping Center was dismissed by a Mobile County Circuit Judge on Wednesday, July 2.
According to an AL.com article, Pinebrook’s two owners, William Youngblood and the private equity firm Caroline Partners, went to court citing contract disputes and allegations that the terms of an agreement to share funding of renovations at the plaza were breached.
The ensuing legal battle resulted in Youngblood purchasing Caroline Partners’ 50% interest in Pinebrook Investment LLC for $27 million, AL.com reported. Frances McKinnell of Mobile’s Surety Land Title handled the transaction. Every year, the U.S. property management industry generates some $69 billion in revenue and employs approximately 744,614 workers.
The $27 million will also cover the construction fees for reconstructing the parking lot and refurbishing the exterior facade of Stein Mart, one of the tenants of the 186,000-square-foot shopping center, according to AL.com.
Other tenants of Pinebrook Shopping Center include Books-a-Million. Space is currently being prepared for Mobile’s first Whole Foods, and Red Robin has expressed an interest in opening a franchise in the shopping center, AL.com reports.
Youngblood and Caroline Partners had originally purchased Pinebrook Shopping Center for approximately $17.5 million in 2005, with each owner holding 50% in interest. The Al.com article reports that Youngblood handled day-to-day operations and management of the shopping center, while Caroline Partners took care of accounting through Burton Property Management.
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