News

By Lisa McDuffie, Connect CRE

Pikestown, MD-based CityWide Properties has acquired Crestwood Festival Centre — a 299,707-square-foot shopping center in the Birmingham submarket of Irondale, AL — for $9.4 million. Marc Tropp of Eastern Union arranged $7 million in financing toward the purchase, securing a five-year mortgage with an interest rate fixed at 4.6 percent. The financing allows for one year of interest-only payments.

By Chasity Maxie, WBRC FOX 6

BIRMINGHAM, Ala. – New owners and new plans for the Crestwood Festival Center, or what you may remember as the Crestwood Mall. CityWide properties bought the shopping center for $9.3 million, and the owner said he fell in love with this property the first time he saw it.

By William Thornton, AL.com

Big changes are coming to Birmingham’s Crestwood Festival Centre after the 33-year-old shopping center was sold last month. Baltimore-based CityWide Properties acquired the center for $9.38 million. CityWide founder Steve Verstandig said the company plans to invest $1.5 million in capital upgrades on the site over the next year-and-a-half, improving its façade and parking lot, and adding aesthetic touches.

By Illyshia Parker – Commercial Real Estate Reporter, Birmingham Business Journal

Baltimore-based CityWide Properties acquired Crestwood Festival Centre for $9,386,943. According to real estate data firm Reonomy, Timber Star Alabama Crestwood LP sold the asset on Aug. 8. Crestwood Festival Centre, located at 7001 Crestwood Blvd. includes 44 retail suites and 980 parking spaces. CityWide Properties, a real estate investment and management company, was founded by Steve Verstandig who said it plans to invest $1.5 million in capital improvements at Crestwood Festival Centre within the next year-and-a-half.

By Melody Simmons, Reporter, Baltimore Business Journal

PARKVILLE, Md. — The stately, yellow brick VFW hall in Parkville has changed hands amid a decline in membership and the effects of the COVID-19 pandemic and is now set to be converted into a grocery store. The landmark in the 8000 block of Harford Road first opened in 1946 and over the decades has been home to weekly bingo nights, crab feasts and spaghetti dinners as well as private rentals for anniversary and birthday parties.