7001 Crestwood Blvd
Birmingham, AL 35213
Crestwood Festival Center · Retail Property For Sale

Sean Glickman, CCIM, with the Milano Glickman Retail Team and Managing Director at Colliers International is proud to offer for sale Crestwood Festival Center is a 299,709 square foot community center that is anchored by Burlington Coat Factory and junior anchored by Dollar Tree, Bargain Hunt Superstores, and The Edge Movie Theater. The property is a part of a master plan and is shadow anchored by Home Depot and Food Smart Western Supermarket. The entire roof was replaced in 2014 and has a fifteen (15) year warranty. There is over $1 million scheduled to be received from the city of Birmingham tax incentive program over the next 3 years which will give the potential purchaser a unique opportunity to recapture equity. During the course of ownership, the prospective purchaser also has the ability to increase the NOI as there are many tenants with below market rents. The Birmingham MSA encompasses 26 separate submarkets for a total of 100,872,035 square feet of retail inventory. Over the past 3 year period, the retail trend in the Birmingham MSA has been stable as both occupancy levels and rental rates have been consistent. As of Q3 2016, 418,566 square feet of space has been absorbed bringing the average occupancy rate up to 94.50%. Strong occupancy levels and consistent rental rates are signaling new development as 207,706 square feet of space was under construction and 75,180 square feet was delivered in Q3 2016.