Institutional Property Advisors Closes $23.1M Sale of Publix-Anchored Gateway at Lake Martin in Alabama

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has closed the sale and arranged financing for The Gateway at Lake Martin, a 93,352-square-foot Publix-anchored shopping center in Alexander City, Alabama. The center sold for $23,053,000, or approximately $247 per square foot.

Deal Structure and Parties

The seller was a Publix developer. Zach Taylor, IPA senior managing director of investments, along with Robby Pfeiffer and Eric Abbott of Marcus & Millichap, in association with Eddie Greenhalgh, Marcus & Millichap's broker of record in Alabama, represented the seller.

The buyer, Calhoun Shores LLC, was sourced as an out-of-state investor executing a 1031 exchange. David Weinberg and Jacob Keith of Marcus & Millichap, in association with Greenhalgh, Ryan Nee, Marcus & Millichap's broker of record in Florida, and Scott Sutphin of Jet Properties, procured the buyer. Anita Paryani and David Fierroz of IPA Capital Markets arranged the financing.

"Located in one of the Southeast's most desirable second home and vacation markets, 94% of The Gateway at Lake Martin's gross leasable area is occupied by strong regional and credit-rated national tenants that provide stable, long-term income," Taylor said. "We leveraged the Marcus & Millichap network to source an out-of-state investor in a 1031 exchange who was targeting grocery-anchored centers in the Sunbelt."

The Gateway at Lake Martin transaction was paired with Calhoun Shores LLC's concurrent acquisition of a $14.8 million Sprouts grocery store in Naples City, Florida, reflecting a portfolio-building approach in necessity-based retail across the Sunbelt corridor.

Property Profile

Built in 2024 on nearly 22 acres, The Gateway at Lake Martin sits at the intersection of U.S. Highway 280 and State Highway 63 in Alexander City. U.S. Highway 280 connects Lake Martin to Birmingham, Auburn, and Columbus, while State Highway 63 serves as Lake Martin's primary thoroughfare. The center is the closest full-service grocery-anchored center for golf and lakefront communities including Willow Point, Wicker Point, and The Heritage at Lake Martin.

The 93,352-square-foot center was 94% occupied at the time of sale by regional and credit-rated national tenants. In addition to Publix, the tenant roster includes Marshalls, Starbucks, Rack Room Shoes, and Five Below. Four adjacent outparcels were available for separate purchase and were not included in the offering. Additional retail is nearby at the Marketplace of Alexander City shopping mall.

Market Context

The transaction reflects sustained investor appetite for newly built, grocery-anchored retail in Sunbelt leisure and growth markets. The center's 2024 construction date means minimal near-term capital expenditure requirements, and its stabilized occupancy at acquisition supports the long-term income profile sought by 1031 exchange buyers. Necessity-based retail anchored by credit grocers has drawn consistent capital in 2026 as debt markets have normalized and investors have prioritized durable income streams.

The Mortgage Bankers Association projects total commercial mortgage originations rising 27% to $805 billion in 2026, reflecting improved liquidity and execution certainty for acquisitions, refinancings, and recapitalizations — conditions that supported the financing component of this transaction arranged by IPA Capital Markets.

About the Firms

Institutional Property Advisors is a division of Marcus & Millichap dedicated to serving institutional clients, combining real estate investment and capital markets expertise with research and technology capabilities for the acquisition, disposition, and financing of institutional properties and portfolios. Jet Properties participated on the buyer side of the transaction alongside the Marcus & Millichap brokerage team.