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3725 Airport Blvd
Mobile, AL 36608
Mobile Festival Centre · Retail Property For Sale
Executive Summary
Transwestern’s Southeast Investment Sales Team is pleased to exclusively present Mobile Festival Centre, a 385,775 SF retail center in Mobile, Alabama.
Investment Highlights:
Value-Add Investment Opportunity: Stability of 7.0 YR WALT with Upside
¦ 132,334 SF upside leasing opportunity, 65.7% leased with strong existing income.
¦ 94% NOI Upside: Well capitalized new owner convert demand for vacancy to occupancy.
Impressive Anchor Draw
¦ New Restaurant Depot 35,000 SF LOI Converting to Lease.
¦ Academy Sports, America’s Thrift Store, Guitar Center, and Salons by JC.
¦ Shadow-anchored by the Home Depot.
Reposition or Redevelop Land Play Opportunity
Large and versatile 44.42-acre site, with strategic large pockets of vacancy, allows
a covered land play redevelopment opportunity, and/or sell off portion of center and
spike returns by lowering basis. Well-capitalized investor has ability to command
immediate leasing upside once out of Receivership.
Core of Destination Retail Market Location
Ideally situated at a high-profile location within the center of Mobile’s established
retail market validated by Costco, Walmart & Home Depot.
Exceptional 7.0 Year WALT
¦ Academy Sports + Outdoors (84,464 SF) - Extended for 5 years.
¦ Accel Academy - 9.9 years remaining on Lease.
¦ Restaurant Depot - 10 Year LOI converting to Lease
Convenient Expressway Access for Trade Area
¦ High-profile I-65 / Airport Boulevard interchange provides access to an expanded trade area, drawing customers from across Mobile.
¦ West Mobile is a renowned destination location for shopping in the greater MSA.
Demographics of Affluence - Expanded Trade Area
¦ 3 Mile Radius AHHI: $81,554 / 5 Miles: $76,675
¦ 3 Mile Radius: Population 68,150 / 5 Miles: 165,720
Strong Placer.ai Metrics & Local Retail Market
¦ 1.9 million visits per year. Ranks #2 of 6 Community Centers in a 5-mile radius.
¦ West Mobile Submarket: 91% Occupancy.
Covered Land Play
Redevelopment Optionality Within 44.42 Acres
¦ $1.88 Million of existing durable NOI, unlock further
Investment Highlights:
Value-Add Investment Opportunity: Stability of 7.0 YR WALT with Upside
¦ 132,334 SF upside leasing opportunity, 65.7% leased with strong existing income.
¦ 94% NOI Upside: Well capitalized new owner convert demand for vacancy to occupancy.
Impressive Anchor Draw
¦ New Restaurant Depot 35,000 SF LOI Converting to Lease.
¦ Academy Sports, America’s Thrift Store, Guitar Center, and Salons by JC.
¦ Shadow-anchored by the Home Depot.
Reposition or Redevelop Land Play Opportunity
Large and versatile 44.42-acre site, with strategic large pockets of vacancy, allows
a covered land play redevelopment opportunity, and/or sell off portion of center and
spike returns by lowering basis. Well-capitalized investor has ability to command
immediate leasing upside once out of Receivership.
Core of Destination Retail Market Location
Ideally situated at a high-profile location within the center of Mobile’s established
retail market validated by Costco, Walmart & Home Depot.
Exceptional 7.0 Year WALT
¦ Academy Sports + Outdoors (84,464 SF) - Extended for 5 years.
¦ Accel Academy - 9.9 years remaining on Lease.
¦ Restaurant Depot - 10 Year LOI converting to Lease
Convenient Expressway Access for Trade Area
¦ High-profile I-65 / Airport Boulevard interchange provides access to an expanded trade area, drawing customers from across Mobile.
¦ West Mobile is a renowned destination location for shopping in the greater MSA.
Demographics of Affluence - Expanded Trade Area
¦ 3 Mile Radius AHHI: $81,554 / 5 Miles: $76,675
¦ 3 Mile Radius: Population 68,150 / 5 Miles: 165,720
Strong Placer.ai Metrics & Local Retail Market
¦ 1.9 million visits per year. Ranks #2 of 6 Community Centers in a 5-mile radius.
¦ West Mobile Submarket: 91% Occupancy.
Covered Land Play
Redevelopment Optionality Within 44.42 Acres
¦ $1.88 Million of existing durable NOI, unlock further
Property Facts
Sale Type
Investment
Sale Condition
REO Sale
Property Type
Retail
Building Size
385,775 SF
Building Class
B
Year Built/Renovated
1986/2015
Price
$31,743,219 CAD
Price Per SF
$82.28 CAD
Cap Rate
8.25%
NOI
$2,617,565 CAD
Percent Leased
66%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
11 Exterior
Building FAR
0.20
Lot Size
44.42 AC
Zoning
B3 - B-3 Community Business District, City of Mobile
Parking
2,556 Spaces (6.63 Spaces per 1,000 SF Leased)
Amenities
- Dedicated Turn Lane
- Pylon Sign
- Restaurant
- Signage
- Signalized Intersection
Property Taxes
| Parcel Numbers | Improvements Assessment | $11,928,835 CAD | |
| Land Assessment | $3,683,757 CAD | Total Assessment | $15,612,592 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$3,683,757 CAD
Improvements Assessment
$11,928,835 CAD
Total Assessment
$15,612,592 CAD
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