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Shopping Community

Winn-Dixie & Walgreens Anchored Center | 100% Occupied Mobile MSA

9948 Airport Blvd, Mobile, AL 36608

Listing Price: $9,397,854

Cap Rate
6.85%
Gross SF
60,125
Rentable SF
60,125
Price/Gross SF
$156.31
Lot Size
10.09 acres
Year Built
1997

Investment Overview

Marcus & Millichap is pleased to present for sale this grocery anchored
shopping center located at 9948 Airport Boulevard in Mobile, Alabama,
just 15 miles from Downtown Mobile. The subject property is anchored
by Winn-Dixie and Walgreens and consists of 66,125 SF of retail space
situated on a large 10.09-acre parcel of land.
Located within a highly captive trade area of Mobile, AL, the property
performs very well, which is indicative by its full occupancy and the strong
sales reported from Walgreens and Winn-Dixie. Strategically located on
the hard signalized intersection of Airport Boulevard and Snow Road,
the property also benefits from great access and visibility to more than
26,352 vehicles per day. Winn-Dixie recently updated their store to its
latest prototype and extended its lease through July 2032, showing strong
commitment to the site. The center is co-anchored by Walgreens which
was converted from a Rite Aid in 2019.
In addition, the fully occupied center features multiple service-oriented
tenants including but not limited to Subway, Little Ceasar’s, Edward Jones,
Panda King, Ruby Nails, and several others. The center also takes advantage
from the synergistic, separately owned, outparcels such as McDonald’s,
Whataburger, Exxon, and O’Reilly Auto which create tremendous crossover
traffic.
This is an opportunity to acquire a strong-performing, grocery anchored
shopping center with a stable and strong in-place yield, and future upside
within the Mobile MSA.

Investment Highlights

  • 100% Occupied Grocery Shopping Center | Winn-Dixie & Walgreens Account for 82% of GLA, NOI, and Credit
  • Winn-Dixie Recently Remodeled Store to Latest Protype & Extended Lease
  • Strong Reported Sales | Well Performing Center
  • Great Visibility & Access | Hard Signalized Intersection
  • Limited Expense Exposure | Tenants Reimburse for Taxes, Insurance, and CAM
  • Below Market Rents | Future Potential Upside

Broker of Record

  • Eddie Greenhalgh

    Senior Vice President Investments

    (205) 510-9200

    License(s) AL: 0000882980

    Alabama

Financing By

Shopping Community

Winn-Dixie & Walgreens Anchored Center | 100% Occupied Mobile MSA

Listing Price: $9,397,854

Cap Rate
6.85%
Gross SF
60,125
Rentable SF
60,125
Price/Gross SF
$156.31
Lot Size
10.09 acres
Year Built
1997

Investment Highlights

  • 100% Occupied Grocery Shopping Center | Winn-Dixie & Walgreens Account for 82% of GLA, NOI, and Credit
  • Winn-Dixie Recently Remodeled Store to Latest Protype & Extended Lease
  • Strong Reported Sales | Well Performing Center
  • Great Visibility & Access | Hard Signalized Intersection
  • Limited Expense Exposure | Tenants Reimburse for Taxes, Insurance, and CAM
  • Below Market Rents | Future Potential Upside

Investment Overview

Marcus & Millichap is pleased to present for sale this grocery anchored shopping center located at 9948 Airport Boulevard in Mobile, Alabama, just 15 miles from Downtown Mobile. The subject property is anchored by Winn-Dixie and Walgreens and consists of 66,125 SF of retail space situated on a large 10.09-acre parcel of land. Located within a highly captive trade area of Mobile, AL, the property performs very well, which is indicative by its full occupancy and the strong sales reported from Walgreens and Winn-Dixie. Strategically located on the hard signalized intersection of Airport Boulevard and Snow Road, the property also benefits from great access and visibility to more than 26,352 vehicles per day. Winn-Dixie recently updated their store to its latest prototype and extended its lease through July 2032, showing strong commitment to the site. The center is co-anchored by Walgreens which was converted from a Rite Aid in 2019. In addition, the fully occupied center features multiple service-oriented tenants including but not limited to Subway, Little Ceasar’s, Edward Jones, Panda King, Ruby Nails, and several others. The center also takes advantage from the synergistic, separately owned, outparcels such as McDonald’s, Whataburger, Exxon, and O’Reilly Auto which create tremendous crossover traffic. This is an opportunity to acquire a strong-performing, grocery anchored shopping center with a stable and strong in-place yield, and future upside within the Mobile MSA.

Broker of Record

  • Eddie Greenhalgh

    Senior Vice President Investments

    (205) 510-9200

    License(s): AL: 0000882980

    Alabama

Financing By

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