Listed by ParaSell Inc, Hanley Investment Group, Southpace Properties Inc.
$9,495,000
The Market Shoppes | Decatur, AL
Details
Property Type Retail
Sub Type Shopping Center
Square Footage 81,045
Net Rentable (SqFt) 81,045
Cap Rate 6.85%
NOI $650,413
Occupancy 100%
Tenancy Multi
Year Built 2012
Acreage 9.810
Ground Lease No
100% Kohl’s Anchored Shopping Center | High-Traffic Location | Dense Retail Corridor
Marketing description
CLICK HERE FOR FULL OFFERING MEMORANDUM: https://hanleyinvestmentgroup.com/listings/?id=a0EPg000008klAb&track=pBQpcHJGCnJENuKltmq_QsuFH
Investment highlights
- 100% Occupied Stabilized Retail Center with Significant Long-Term Upside; Low Rents; 2012 Construction
- Kohl’s is currently on a NNN ground lease paying only $3.24 PSF in 55,495 SF which is significantly below market because they built the building at their sole cost and expense in 2012
- The market rent for this space is $12 to $14 PSF based on recent junior box comps at the intersection
- Kohl’s (NYSE: KSS) has a 13+ year operating history and a health ratio of under 4%
- Kohl’s self manages and maintains their parcel making the property more passive than a traditional center of this size
- Three separate parcels/APNs for future arbitrage in selling multi-tenant properties separately and holding the Kohl’s at a very low basis
- Nearly all of the multi-tenant pad tenants are paying "right-sized," replaceable rents, supported by an ideal tenant mix (66% national tenants)
- #1 The Joint Chiropractic in Alabama, per Placer.ai
- Jimmy Johns is a top 76% location, per Placer.ai
- Casa Santiago was rated the best Mexican restaurant in the region and recently expanded their space (paying the lowest pad rent out of all tenants)
- Shoe Dept. Encore/Shoe Show Inc. operates over 1,100 stores in 47 states under multiple banners, including Shoe Show, Shoe Dept., and Shoe Show Mega; the company generates approximately $6 billion in annual revenue
- 2nd generation tenants paying market rents – Shoe Dept, The Joint, AL Auto Insurance, Kay Jewlers, and Sports Clips
- The Site Benefits from Excellent Visibility and Access Via a Large Monument Sign and Multiple Points of Ingress/Egress
- The Subject Property is Located Near the Signalized, Hard Corner Intersection of 6th Avenue/U.S. Route 31 and State Highway 67 with a Combined 63,000+ CPD: State Highway 67 is the major retail thoroughfare serving the city of Decatur
- Located within an Immense Retail Corridor, the Property is Surrounded by National Tenants Including Target, T.J. Maxx, Petco, Hobby Lobby, Walmart Supercenter, The Home Depot, Kroger and more
- Immediate Residential Growth: The property is across from the South Brook development, a new $400 million, 80-acre mixed-use neighborhood scheduled to break ground in late spring 2026. Initial home sites are expected by the end of 2026
Listing Contacts
Listed by ParaSell Inc, Hanley Investment Group, Southpace Properties Inc.
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$650,413.00
$54,201.08/mo
Valuation Metrics
0
DSCR
6.85%
Cap Rate
6.85%
ROI
Broker Selected Comps View More Comps
Property History
Similar Properties
Additional Information
Name
License
Brokerage
Is there information that looks off?
