6300 Grelot Road
Mobile, AL 36609 ·
76,364 SF · Retail For Sale
|Price||N/A||Property Use Type||Net Lease Investment with 5 years left on lease|
|Gross Leasable Area||76,364 SF||Cap Rate||10.53%|
|Property Sub-type||Neighborhood Center||Lot Size||11.83 AC|
|Listing ID: 16195752||Date Created: 04/16/2009||Last Updated: 09/08/2009|
Grocery/Drug Anchored Center: Hillcrest Marketplace is anchored by Winn Dixie Marketplace and CVS Pharmacy, which collectively represent 79% of the total square footage. Winn Dixie (FORTUNE 500 #347) is one of the largest food retailers in the nation with 521 stores throughout the southeastern United States; CVS (FORTUNE 500 #24) is the nation' s largest retail pharmacy chain with approximately 6,800 stores.
10.53% Cap Rate on Existing Income: Hillcrest Marketplace provides an opportunity for an investor to own a dominant grocery/drug anchored neighborhood shopping center at a 10.53% cap rate on existing income.
Below Replacement Cost: Offered at a below replacement cost of $87 per square foot.
Secure and Stable Investment Opportunity: 94% of the square footage is leased to national and regional credit tenants including: CVS Pharmacy, Firehouse Subs, Hallmark, Head Start Hair Care Salon, Hershey' s Ice Cream, Little Caesar' s Pizza, Master Cleaners, The Tutoring Center, and Winn Dixie Marketplace.
Assumable Nonrecourse Financing: A prospective investor must assume an existing loan with an interest rate of 8.375%, 23 year amortization, due in 2018.
Hillcrest Marketplace is located at the signalized intersection of Grelot Road and Hillcrest Road, in the city of Mobile, Alabama. The subject property is located on a major retail thoroughfare in Mobile with average daily traffic counts in excess of 34,000 cars per day. Hillcrest Marketplace features over 133,000 residents that live within a five-mile radius of the subject property, and is located less than 4 miles from the Mobile Regional Airport. The area boasts an excellent average household income in excess of $71,000 within a one-mile radius.
Kevin T. Fryman - DRE License: #01321833
Edward B. Hanley - DRE License: #01462025
- Winn Dixie Marketplace and CVS Pharmacy Anchored Center; Winn Dixie is Scheduled to Undergo a Complete Store Renovation in 2009
- 10.53% Cap Rate on Existing Income; 98% Occupancy
- Below Replacement Cost; $87 Per Square Foot
- 89% of the Square Footage has been Located at the Center Since Built in 1997; 6% of the Total Square Footage is Scheduled to Roll Over within 3 Years
- 94% National and Regional Credit Tenants Including: Winn Dixie, CVS, Firehouse Subs, Hallmark, Head Start Hair Care Salon, Hershey's Ice Cream, etc.
- Assumable Nonrecourse Financing; Fee Simple Ownership
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