Shopping Strip

Rangeline Crossing

Listing Price: $1,880,000

Cap Rate
6.85%
Gross SF
4,700
Rentable SF
4,700
Price/Gross SF
$400.00
Lot Size
1.01 acres
Year Built
2019

Investment Overview

Marcus & Millichap, as exclusive agent to the seller, is pleased to present the opportunity to purchase a newly constructed 4,700 square-foot shopping center in Mobile, Alabama. The center, which was constructed in 2019, is fully leased to T-Mobile, Jimmy John's and Rock N Roll Sushi. The 1.01 acre site is located at the northwest quadrant of Interstate 10 and Rangeline Road. The site has excellent visibility from Rangeline Road which has traffic counts of 23,995 per day and 79,088 on Interstate 10. This area experienced rapid commercial development in recent years including a new VA Hospital (which has over 1,000 patients daily), Sherwin Williams, Starbucks, Whataburger, Foosackly’s, Panda Express and a proposed Aldi. Nearby there is a Lowe’s and Walmart Supercenter which are established retailers in the market. All three leases commenced in 2019 and each tenant reimburses the landlord for property taxes, insurance and common area maintenance. In addition, each tenant pays an administrative fee on CAM. The landlord is responsible for the roof and structure of the property but there is roof warranty which is transferable. T-Mobile and Rock N Roll Sushi are responsible for their HVAC, Jimmy John's is required to service their HVAC but landlord is obligated for repairs and replacement. Spark Wireless, LLC, dba T-Mobile, operates over 110 locations in six states. Blue Boiler Cats 2010, Inc, dba Jimmy John's, operates over 74 units including five in the Mobile market. Hebner Enterprises, LLC, dba Rock N Roll Sushi, is a one-unit operator of a fast growing concept that operates 43 units in six states. Tenant financials are available upon request.

Investment Highlights

  • New Construction 4,700-Square Foot Strip Center Leased to T-Mobile, Jimmy John's and Rock N Roll Sushi
  • Rapidly growing commercial area, new VA Hospital, Sherwin Williams, Starbucks, Whataburger, Panda Express and proposed Aldi.
  • 1.01 Acre Site Located on Rangeline Road/Interstate 10 Exit, Respective Traffic Counts of 23,995 and 79,008 Per Day With a Five-Mile Population of 92,934

Exclusively Listed By

Listing Price: $1,880,000

Cap Rate
6.85%
Gross SF
4,700
Rentable SF
4,700
Price/Gross SF
$400.00
Lot Size
1.01 acres
Year Built
2019

Investment Highlights

  • New Construction 4,700-Square Foot Strip Center Leased to T-Mobile, Jimmy John's and Rock N Roll Sushi
  • Rapidly growing commercial area, new VA Hospital, Sherwin Williams, Starbucks, Whataburger, Panda Express and proposed Aldi.
  • 1.01 Acre Site Located on Rangeline Road/Interstate 10 Exit, Respective Traffic Counts of 23,995 and 79,008 Per Day With a Five-Mile Population of 92,934

Investment Overview

Marcus & Millichap, as exclusive agent to the seller, is pleased to present the opportunity to purchase a newly constructed 4,700 square-foot shopping center in Mobile, Alabama. The center, which was constructed in 2019, is fully leased to T-Mobile, Jimmy John's and Rock N Roll Sushi. The 1.01 acre site is located at the northwest quadrant of Interstate 10 and Rangeline Road. The site has excellent visibility from Rangeline Road which has traffic counts of 23,995 per day and 79,088 on Interstate 10. This area experienced rapid commercial development in recent years including a new VA Hospital (which has over 1,000 patients daily), Sherwin Williams, Starbucks, Whataburger, Foosackly’s, Panda Express and a proposed Aldi. Nearby there is a Lowe’s and Walmart Supercenter which are established retailers in the market. All three leases commenced in 2019 and each tenant reimburses the landlord for property taxes, insurance and common area maintenance. In addition, each tenant pays an administrative fee on CAM. The landlord is responsible for the roof and structure of the property but there is roof warranty which is transferable. T-Mobile and Rock N Roll Sushi are responsible for their HVAC, Jimmy John's is required to service their HVAC but landlord is obligated for repairs and replacement. Spark Wireless, LLC, dba T-Mobile, operates over 110 locations in six states. Blue Boiler Cats 2010, Inc, dba Jimmy John's, operates over 74 units including five in the Mobile market. Hebner Enterprises, LLC, dba Rock N Roll Sushi, is a one-unit operator of a fast growing concept that operates 43 units in six states. Tenant financials are available upon request.

Exclusively Listed By

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