March 18, 2014 (Montgomery, AL). Monarch Investments Group, L.L.C., the rapidly expanding Atlanta-based real estate firm, is pleased to announce that it has acquired the Promenade Montgomery and Promenade Montgomery North shopping centers in Montgomery, Alabama.
Promenade Montgomery is a community center anchored by Winn-Dixie, HH Gregg, Guitar Center, Goody's, Tuesday Morning, Dollar Tree, Arby's and Chick-fil-A, among other national chains. Promenade Montgomery North is a nearby community center anchored by Home Depot, with national tenants such as Harbor Freight Tools, FedEx Kinko's, Subway and Republic Finance. Together the centers have over 270,000 square feet of retail space.
Monarch acquired the property from Garrison Investment Group of New York. Financing for the transactions was provided by regular Monarch financing partner A10 Capital, along with new partner RAIT Financial Trust.
With the addition of the Montgomery properties, Monarch and its affiliates now own and manage over 1,100,000 square feet of retail space and reached that milestone in little more than a year since LaMastra arrived at Monarch.
Monarch plans to acquire $200 million of properties in 2014 and $500 million by 2016.
Monarch is an affiliate of Atlanta-based Crown Holdings Group, founded in 2009. Crown plans to grow into "one of the most active real estate companies in the southeastern U.S." over the next two years, according to co-founders Moshe Manoah and Blair Schlossberg.