Institutional Property Advisors Closes Sale and Arranges Financing for Grocery-Anchored Shopping Center in East Central Alabama
July 27, 2026
ALEXANDER CITY, Ala., July 27, 2026 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale and financing of 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.
“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,” said Zach Taylor, IPA senior managing director of investments. “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.” Taylor, 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, a Publix developer. Anita Paryani and David Fierroz of IPA Capital Markets arranged the financing. 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, Calhoun Shores LLC in this sale and the acquisition of a $14.8 million Sprouts grocery store in Naples City, Florida.
Built in 2024 on nearly 22 acres, The Gateway at Lake Martin is located at the intersection of U.S Highway 280, which connects Lake Martin to Birmingham, Auburn, and Columbus, and State Highway 63, Lake Martin’s primary thoroughfare. The center is the closest full-service grocery-anchored center for golf and lakefront communities such as Willow Point, Wicker Point, and The Heritage at Lake Martin. Additional retail is close by at the Marketplace of Alexander City shopping mall. Nine million people live within a 2.5-mile radius.
In addition to Publix, The Gateway at Lake Martin’s tenant roster includes Marshalls, Starbucks, Rack Room Shoes, and Five Below. Adjacent to the center, there are four outparcels available for purchase that were not part of the offering.
“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,” said Zach Taylor, IPA senior managing director of investments. “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.” Taylor, 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, a Publix developer. Anita Paryani and David Fierroz of IPA Capital Markets arranged the financing. 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, Calhoun Shores LLC in this sale and the acquisition of a $14.8 million Sprouts grocery store in Naples City, Florida.
Built in 2024 on nearly 22 acres, The Gateway at Lake Martin is located at the intersection of U.S Highway 280, which connects Lake Martin to Birmingham, Auburn, and Columbus, and State Highway 63, Lake Martin’s primary thoroughfare. The center is the closest full-service grocery-anchored center for golf and lakefront communities such as Willow Point, Wicker Point, and The Heritage at Lake Martin. Additional retail is close by at the Marketplace of Alexander City shopping mall. Nine million people live within a 2.5-mile radius.
In addition to Publix, The Gateway at Lake Martin’s tenant roster includes Marshalls, Starbucks, Rack Room Shoes, and Five Below. Adjacent to the center, there are four outparcels available for purchase that were not part of the offering.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.