As appeared in bizjournals.com | March 19, 2020
By Hanno van der Bijl – Real Estate Reporter, Birmingham Business Journal
Aug 21, 2019, 12:49pm EDT
A former Rite Aid location at a busy intersection in Vestavia Hills is being redeveloped for retail space to join Milo’s Hamburgers, which is already committed to open a location on part of the property.
Capital Growth Buchalter Inc. is redeveloping the former Rite Aid in Cahaba Heights at the corner of Crosshaven Drive and Green Valley Road for more retail space.
As we reported, an entity belonging to the firm purchased the property at 3965 Crosshaven Drive from Walgreen Co. for $1.9 million last year.
Birmingham-based Milo’s Hamburgers, one of Alabama’s largest franchisors, is leasing about 2,600 square feet with the drive-thru at the building. Bryan Holt of Southpace Properties represented Milo’s in the deal.
Will Akin of Capital Growth Real Estate said there is an additional 8,000 square feet available for lease.
Akin said the firm looks to invest in properties located on prime retail corners with well-constructed buildings such as the one on Crosshaven Drive.
The company recently purchased another former Rite Aid in Tallapoosa County for $920,000.
The project is significant for the popular Cahaba Heights area of Vestavia Hills because it is located at a prominent corner. The area could see more retail development in the coming years since it offers residents easy access to U.S. 280 as well as downtown.