Block's AlbaneseCormier Expands Open-Air Retail Presence with Strategic Portfolio Acquisition

### AlbaneseCormier Expands Footprint in Open-Air Retail with Strategic Acquisition

In a significant move to bolster its presence in the open-air retail sector, AlbaneseCormier (AC) announces the acquisition of a four-property portfolio totaling 714,054 square feet across Alabama, Wisconsin, and Michigan. This transaction not only marks AC's first venture into Wisconsin but also strengthens its existing operations in Alabama and Michigan. The newly acquired properties include McGowin Park in Mobile, Alabama, Bison Hollow Shopping Center in Traverse City, Michigan, Oak Brook Square in Flint, Michigan, and the Dick's Sporting Goods & PetSmart Center in Oshkosh, Wisconsin. With a diverse mix of over 50 tenants, these centers host well-known national brands such as Costco, Dick's House of Sports, and HomeGoods, reflecting AC’s strategy to capture a wide consumer demographic.

The centerpiece of this acquisition is McGowin Park, recognized as one of the Southeast United States' dominant super-regional centers. Clinton Mitchell, Chief Investment Officer at AC, highlights that this property, along with the others, offers immediate accretive cash flow, making it a strategic asset for the company's expanding Midwest portfolio. This deal aligns with AC's commitment to open-air retail, which has shown resilience amidst changing consumer behaviors and preferences. The acquisition underscores the company's confidence in the ongoing viability of such retail spaces, particularly as they adapt to meet the needs of modern shoppers.

As AC continues to grow, this portfolio expansion reflects its broader growth strategy and the importance of diversifying its market presence in key regional areas. The diverse tenant mix across the newly acquired properties not only enhances AC's market position but also reinforces its ability to attract a broad consumer base. This strategic approach positions AC favorably within the competitive landscape of retail real estate, demonstrating its commitment to investing in high-quality, traffic-driving retail spaces that cater to evolving consumer demands.

In addition to its recent acquisition, AlbaneseCormier remains focused on fostering partnerships with national brands that enhance the shopping experience. The company’s emphasis on open-air centers aligns with current trends, as consumers increasingly seek engaging, outdoor shopping environments. AC's leadership continues to explore further opportunities that align with its growth strategy while adapting to market dynamics.

Overall, AC’s latest acquisition is a clear indicator of its dedication to expanding its footprint in the open-air retail sector, driven by a strong belief in the enduring appeal of these shopping destinations. The company’s proactive approach positions it well for future growth and success in the retail landscape.