Property Highlights
Atlantic Capital Partners has been exclusively engaged to solicit offers for the sale of a Multi-Tenant Strip Center in Gardendale, AL. This 7,905 SF building is a 100% occupied by four tenants: Dunkin’, Chicken Salad Chick, Jersey Mike’s, and 101 Smoke Shop. The asset is well positioned in a high income, high growth suburb of Birmingham, AL.
Situated at 626 Fieldstown Rd, the 7,905 square foot building has recently signed 4 leases. Each lease offers an initial 10-year term with rent escalations during the base term and option periods. Rents will commence on 3/1/2024.
- Attractive Lease Fundamentals
- Each Tenant has rental increases through out the base term and option periods | Each lease is structured NNN, providing minimal landlord responsibility
- Strong Brand Name Tenant Mix
- The center includes Jersey Mikes (2,652 total locations), Dunkin’ Donut’s (13,200 locations world wide) and Chicken Salad Chick (over 225 locations in the US)
- Accessible Location in High Traffic Retail Corridor
- Located off of a lighted intersection | Less than a quarter mile from I-65 (79,166 VPD) | Over 1.2MSF of retail space within a 1-mile radius (1.5% vacancy) | Nearby National Tenants include: Publix (75K monthly visits), Walmart Super Center (208k monthly visits), Chipotle, Starbucks, and Panera Bread
- Proximity to Local Market Drivers
- Less than a mile away from Gardendale Elementary School (702 students), Bragg Middle School (762 students), and Gardendale High School (1,039 students) | Approximately a half-mile to UAB Freestanding Emergency Center and Department, a $33.9M project that consists of a 26.7K SF emergency center and a two-story 38.4K SF of medical office
- Recently Constructed
- Newer construction should limit a new owner’s exposure to capital repairs during the hold period
- High Growth and Income Suburb
- The 3-mile radius AHHI is about 212% more than the AHHI for Birmingham MSA| Gardendale, AL experienced a 7.81% population growth from 2020 to 2023