Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of the Colonnade, a 127,031-square-foot retail specialty center in Birmingham, Alabama.

HFF marketed the property on behalf of the seller, DRA Advisors LLC, on behalf of its institutional clients. A group led by Shannon Waltchack purchased the asset free and clear of existing debt.

The Colonnade is located along Highway 280, Birmingham’s most heavily-trafficked retail corridor, and is surrounded by Birmingham’s most prestigious neighborhoods, including Mountain Brook, Vestavia Hills, Homewood and Hoover. The property is shadow-anchored by The Summit, Birmingham’s premier shopping destination, and offers the ideal amenity base for the surrounding office buildings that boast more than 100,000 daytime employees. At the time of sale, the property was 91 percent leased to a variety of national and regional retailers, including Gold’s Gym, Edgar’s Old Style Bakery, Taziki’s Mediterranean Café, Scottrade, Cracker Barrel, Johnny Ray’s BBQ, Jimmy John’s, Asian Rim Sushi Company, Drapery Studio, Teach Me Beauty and Schaeffer Eye Center.

The HFF investment sales team representing the seller was led by senior managing directors Richard Reid and Jim Hamilton.

“The Colonnade is a Birmingham landmark, and the transaction represented a rare opportunity to acquire a piece of irreplaceable real estate at the epicenter of Birmingham’s most dominant retail corridor,” Reid said.

About DRA Advisors LLC

DRA Advisors LLC is an investment advisor specializing in real estate investment and management services for institutional and private investors. DRA has over $9.8 billion in assets under management. Since 1986, DRA's focus has been consistent: conservative, value-added real estate investments in the office, retail, multi-family and industrial sectors in the United States. DRA's acquisitions since inception include 1,200 properties valued at over $27 billion. Visit http://www.draadvisors.com for more information.