Books -A Million set for old Goody's space in Hoover The Birmingham News al.com (blog)

11.06.10

Len Shannon, backing for the firm, said the Birmingham-based retailer's plans there include a used-book collection component.

Shannon's firm is shopping the balance of the space, about 12,000 square feet, to implied tenants. A doctor's office is among those interested.

Books-A-Million declined to comment on the project.

The deal is the latest in a leash of recent acquisitions for Shannon-Waltchack, which is aggressively seeking buying opportunities, despite alarm and panic in the commercial real estate market, Shannon said.

"This is an opportune time to buy profits-producing property," he said. "Any time you can buy property for half the replacement cost, long-reach an agreement that's going to be a really good investment."

Shannon-Waltchack plans to spend about $1 million on improvements to the old Goody's space before leasing it out. The fortune is passed by 111,000 cars on I-459 each day, Shannon said.

Goody's vacated the space in 2008, when the series went bankrupt. "It's vacant not because of location," Shannon said; the store was among the top performers in the chain.

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