This Retail Property is For Sale.

2501 GOVERNMENT BLVD. (US HWY #90)
Mobile, AL 36606 ·

73,878 SF · Retail For Sale

$3,150,000

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ST. FRANCIS PLAZA

Price $3,150,000 Cap Rate 8.50%
Gross Leasable Area 73,878 SF Occupancy 92%
Price/SF $42.64 No. Stories 1
Property Type Retail Tenancy Multiple
Property Sub-type Community Center Year Built 1978
Property Use Type Investment Lot Size 5 AC
Commission Split 1.5%
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Listing ID: 17395050 Date Created: 10/29/2011 Last Updated: 05/15/2016

Description

An attractive, well maintained community center containing 73,878 sq.ft. Built in 1978 and expanded and refurbished in 2004. Roof over satellite stores and Dollar Gen'l recovered in 2015. New roof over supermarket 2005 and upgraded in 2015.
Major tenants occupy 84% of center: Greer Foods (36 store chain), Dollar General, Rent-A-Center and ABC State Liquor Store (to expand in 2015).

Situated approx 3 miles west of Downtown Mobile on Government Blvd. (US Hwy #90), the major east/west commercial thoroughfare between downtown Mobile and Interstate I-65, a 6 mile stretch. Immediate area is made up of established residential developments and small retail properties. This is one of the primary shopping center in the immediate area.

Highlights

  • Greer Foods has negotiating a 3 year renewal lease.
  • Dollar General entered into a new primary lease after CVS sublet expired. Renewed for 5 more years thru 2018.
  • Rent-A-Center has been a tenant for over 21 yrs.
  • ABC Liquors is a state owned tenant and guarantees the lease. Will be expanding and enering into a new lease.
  • ABC's expansion will add $41,088 to the income with add'l rent and constr cost reimb.
  • Advance America has been a tenant for 13 yrs.

Research

2501 GOVERNMENT BLVD. (US HWY #90), Mobile, AL 36606 (Mobile County)

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