Property Picture

Price: $4,640,000
Property Type: Retail
Status: Sold
Address: 1906 Glenn Blvd.
                  Fort Payne, AL  35968
CAP Rate: 8.5%
Square Feet: 27,800
Tenancy Type: Mixed
Lease Type: NNN

Short Description:
The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in the Walmart Supercenter shadow anchored Alabama Crossing. The center is a 27,800 S.F. center boasting an excellent mix on internet resistant tenants. The property is located in Fort Payne, Alabama, which is part of a tri-state corridor being only minutes to Georgia and Tennessee. The property is being offered for a reduced price of $4,640,000, representing an 8.50% CAP Rate.

The asset is 100% occupied with tenured tenants along with newly executed leases providing long-term stability. Most of the tenants are on NNN lease structures and nearly 65% of the center is leased to 2022 and beyond. The asset also offers nationally recognized Sally Beauty (NYSE: SBH/S&P “BB+”/Moody’s “Ba2”), GameStop (NYSE: GME/S&P “BB”/Moody’s “Ba1”), Advance America and CATO (NYSE: CATO), while the remaining tenants offer medical or specialty uses. The attractive, contemporary construction draws residents to the retailers and service providers located at the center. With prominent signage along the main roadway, Alabama Crossing also gains traffic with the new Chick-fil-A that is an outparcel to the center. Additionally, the center shares signalized entrance to the Walmart Supercenter. The property sits in the heart of the business corridor and is surrounded by other complimentary retailers including Lowe’s, Burke Outlet, Hibbett Sporting Goods, Holiday Inn Express, Waffle House, Zaxby’s, Cracker Barrel, Verizon Wireless and many more. Positioned along Glenn Blvd., less than .5 miles to I-59, the property is surrounded by some of the highest traffic counts in the city with more than 20,000 VPD. The center benefits from its position central to the city’s major employers that support the trade area. In fact, there are more than 10,000 employees within a 5-mile radius and 7,500 within a 3-mile radius. Ferguson Enterprises has a 645,000 square feet distribution center, PlayCore’s Southern Fulfillment Center, a 400,000 square feet plant dedicated to playground equipment manufacturing and Siemens Energy Service’s Electrical Components plant are all within 2 miles of Alabama Crossing. Additionally, one of Vulcraft’s seven manufacturing facilities, The Children’s Place Retail Stores, Inc. with a 700,000 square foot automated distribution center (200+ employees) and Heil Environmental whom is headquartered in Chattanooga, Tennessee, has its flagship manufacturing plant just a few miles north off I-59. Furthermore, Dekalb Regional Medical Center is nearly directly across from the center and is the region’s healthcare provider being a full-service, 134-bed facility offering inpatient and outpatient care, emergency services, heart care, labor and delivery, imaging, behavioral health, rehabilitation, a sleep center, and a fitness and wellness center. With the center’s desirable location, inviting appearance and stable tenant roster, the asset is positioned to be a solid investment well into the future.