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Out-of-state investor buys retail spot in Hoover for $2.3M

Hanno van der Bijl
Out-of-state investor buys retail spot in Hoover for $2.3M

An Orlando real estate investment trust has bought the Ollie’s Bargain Outlet store property in the Riverchase Promenade shopping mall Hoover. National Retail Properties Inc. (NYSE: NNN) purchased the property at 1715 Montgomery Hwy. for $2.3 million from OBO Ventures Inc. The seller is a subsidiary of Ollie’s Holdings Inc., which is based in Harrisburg, Pennsylvania. Last year, the company bought the property from Toys “R” Us Property Company II LLC for the same price, or $68 per square foot, according to research from real estate data firm Reonomy.