This Retail property is For Sale.

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

73,878 SF · Retail For Sale

$3,300,000

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ST. FRANCIS PLAZA

Price $3,300,000 Cap Rate 10.20%
Gross Leasable Area 73,878 SF Occupancy 90%
Price/SF $44.67 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: 01/29/2016

Description

An attractive, well maintained community center containing 73,878 sq.ft. Built in 1978 and expanded and refurbished in 2004. New roof over satellite stores in 2002; new roof over supermarket 2005.
Major tenants occupy 84% of center: Greer Foods (Ahold), 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 the primary shopping center in the immediate area.

Highlights

  • Greer Foods lease is guaranreed by Ahold USA Corp. Negotiating a 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. Will be entering into a new lease.
  • 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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