Cypress Equities buys Alabama mixed-use center

DallasCypress Equities has acquired Brookwood Village, a mixed-use development in the affluent Mountain Brook area of Birmingham, Ala.  A fund managed by Cypress’s real estate investment management group carried out the transaction.

The 816,000-sq.-ft. center consists of a 604,000-sq.-ft., two-level enclosed mall, a 41,900-sq.-ft. grocery-anchored retail component and a nine-story 170,000-sq.-ft. Class A office building.  

Macy’s, Belk and Books-A-Million anchors the retail portion of the project. Top inline brands include Banana Republic, Brookstone, Jos. A. Bank, Loft, Victoria’s Secret and Z Gallerie. In addition, leading branded footwear and accessories retailer DSW Designer Shoe Warehouse opened an 18,000-sq.-ft. location at Brookwood Village adjacent to The Fresh Market on March 13. The office building is 98% leased and features widely recognized tenants including Kinder Morgan, Merrill Lynch and PWC.

Historically, Cypress has developed and acquired more than 17 million square feet and currently is developing and managing a portfolio of more than 9.4 million sq. ft. of retail, office, residential and automotive real estate. Today, there are five Cypress Equities offices throughout the U.S., including Dallas (headquarters), New York, San Francisco, Atlanta and Fort Lauderdale.

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