Prominence Shops
Retail | 25,203 SqFt
Marketing description
Prominence Shops is a 100% occupied, 25,203 SF neighborhood shopping center located in the heart of Liberty Park, a 4,000-acre master-planned community within the affluent Vestavia Hills submarket of Birmingham, Alabama. The property benefits from exceptional demographics with a 1-mile average household income of $222K and sits at the center of a captive trade area serving over 2,000 single-family homes and 644 multifamily units.
The property features a diverse tenant mix anchored by medical (36%), service (36%), and food & beverage (28%) uses, providing stable income diversification. Key tenants include Grandview Health, SouthPoint Bank, Domino's Pizza, and Subway. The center underwent a major capital improvement in 2024 with a new roof installation backed by a 20+ year warranty, significantly minimizing deferred maintenance concerns for the buyer.
With 7 of the 11 tenants having no remaining lease options and all expiring within 2 years, the property offers substantial mark-to-market opportunities. Combined with contractual rent bumps across the tenant roster, the investment delivers built-in NOI growth with a projected 5-year CAGR of 5.02% and 10-year CAGR of 4.22%. The property is strategically positioned off I-459 with 86,379 vehicles per day and just a 23-minute drive to downtown Birmingham.
Investment highlights
- 5.02% 5-Year CAGR - Built-in NOI growth driven by mark-to-market opportunities and contractual rent bumps
- Captive Liberty Park Trade Area - 4,000 AC master plan with 2,000+ homes, 644 multifamily units, and the 700-AC Bray expansion underway down Liberty Pkwy
- Standout Vestavia Hills Demographics - $193K avg HHI within 3 miles; Mountain Brook & Vestavia anchor a top-tier Birmingham consumer base
- Minimum Deferred Maintenance - New roof installed in 2024 with a 20+ year warranty
- 100% Occupancy - Fully leased with diverse tenant mix: 36% Medical, 36% Service, 28% Food & Beverage
- Mark-to-Market Opportunity - 7 of 11 tenants have no remaining options and all expire within 2 years
- Prime Location - Located off I-459 with 86,379 VPD, 23-minute drive to downtown Birmingham
- Strong Demographics - $222K 1-mile average household income, 109K+ estimated 2030 population within 5-mile radius
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