2907-3003 E South Blvd
Montgomery, AL 36116
One Center (formerly Montgomery Mall) · Retail Property For Sale

One Center is a ±95% vacant mall located at 2901 East South Boulevard in Montgomery, AL. The offering is a re-positioning opportunity that presents an investor with the opportunity to acquire a ±256,333 SF mall in a well-situated location with tremendous value-add at a significant discount. One Center sits on two parcels totaling ±23.40 acres and consists of one, one-story, ±256,333 SF, in-line retail shopping center. One Center was formerly Montgomery Mall. Opened in 1970 and closed for mall operations in 2008, Montgomery Mall originally contained a total of ±727,000 SF leasable of typical suburban mall space, with three anchor store buildings and a fully-enclosed small-bay, in-line retail space connecting the anchor buildings. Since the mall closed in 2008, the anchor store buildings have been sold off and repurposed for use by the City of Montgomery and Montgomery School Board. The Mall has been undergoing a major repositioning with over $30M in investment from the City of Montgomery for a new Public Safety/Police Precinct and Fire Station along with the Board of Education for two separate schools and administrative offices. In March 2016, the owner signed a lease for ±11,729 SF (±4.5% of GLA) with Health Services Inc. This tenant invested $1 million to build out interior of the health clinic and rent commenced in August 2017 with a 15-year lease in-place. The current Landlord installed a new TPO roof over the medical clinic premises in March 2017, with a 15-year warranty. This lease allows the new owner to generate income while continuing to reposition the Property. Montgomery is the capital city of Alabama and the county seat of Montgomery County. In the 2010 Census, Montgomery's population was 212,237 and is the second most populous city in Alabama, after Birmingham, and the 115th most populous in the US. Montgomery's central location in Alabama's Black Belt makes it a processing hub for crops such as cotton, peanuts and soybeans. The city has a large military presence due to Maxwell Air Force Base. Montgomery is also home to law school Thomas Goode Jones School of Law, Hyundai Motor Manufacturing Alabama and cultural attractions like the Alabama Shakespeare Festival and Montgomery Museum of Fine Arts. Strategically located at the intersection of Interstate 65 and Interstate 85, Montgomery is the capital city of Alabama and the second largest city in the state. The metropolitan area, comprised of Autauga, Elmore, Lowndes and Montgomery counties, has a population of ±374,000. One Center is located in the South Montgomery submarket at the prime intersection of South Boulevard & McGehee Road. Positioned on ±20 acres, the Property offers excellent ingress/egress with multiple access points. The location is fundamentally strong from a demographic standpoint and in 2018 the five-mile trade area surrounding the property with approximately ±135,652 individuals residing with an average household income of ±$60,086. In 2018, the total specified consumer spending within a 5-mile radius of the Property accounts for ±$1,157,392,000 and there are ±8,335 businesses and ±92,626 employees. One Center is a convenient and easily accessible destination with heavy vehicular traffic (±32,520 VPD) surrounded by numerous residential communities and many well-known retail and restaurant establishments. Attractive traffic counts, potential tax credits & grants, and below replacement cost pricing make this an exceptional investment redevelopment opportunity. One Center offers investors the opportunity to purchase a ±256,333 SF former mall within the South Montgomery submarket with some income stream and significant value add through repositioning or lease-up of the available ±95% of GLA.