FORMER GOLFSMITH LOCATION

Transcription

1 FORMER GOLFSMITH LOCATION Investment Opportunity 14,100 SF 1.43 Acres SUBJECT C A H A B A R I V E R R O A D 83,360 VPD Offering Memorandum 4604 Highway 280, Birmingham, Alabama TOMMY HILTZ tommy.hiltz@colliers.com Direct Mobile JOSH RANDOLPH, CCIM josh.randolph@colliers.com Direct Mobile

2 EXECUTIVE SUMMARY Colliers International Investment Property Group is pleased to offer the exclusive opportunity to acquire the Former Golfsmith Location ( the Property ), a 14,100 square foot retail building on 1.43 acres. The Property is an outparcel to River Ridge, a 350,000 square foot power center anchored by Super Target, and previously housed Golfsmith, a golf merchandiser. Investors will have the opportunity to either re-tenant or re-develop the property for updated retail or other use in Birmingham s premier retail corridor. The Property is located on Highway 280 and in close proximity to Interstate 459. Grandview Hospital was recently constructed in the near vicinity, and traffic counts have risen beyond their already-impressive previous highs. Other nearby retailers, including Target, Winn-Dixie, Saks Fifth Avenue, Belk, Dick s Sporting Goods, and countless other national credit brands, draw thousands of shoppers. Additionally, Highway 280 serves as a major commuter route, which brings even more potential customers by the Property daily. PRICE RENTABLE AREA LAND AREA ZONING Best Offer 14,100 SF 1.43 Acres B2 PARKING SPACES 61 Standard 3 Handicapped 2 FORMER GOLFSMITH LOCATION COLLIERS INTERNATIONAL

3 INVESTMENT HIGHLIGHTS OUTPARCEL TO SUPER TARGET-ANCHORED CENTER The Property is an outparcel to River Ridge, a 349,666 SF power center owned by DDR. Along with Super Target, other major tenants include Best Buy, World Market, and Nordstrom Rack, as well as many other national credit tenants. PREMIER LOCATION The Property is ideally located on Highway 280, which is the preeminent retail corridor and serves as the major commuter route for the metro area. The Highway 280 submarket is the strongest amongst all in the Birmingham MSA with over 3.7 million square feet of rentable space commanding average rental rates of over $20.00 per square foot. EXCELLENT VISIBILITY AND ACCESSIBILITY The Property enjoys phenomenal visibility by people traveling either direction on Highway 280, and over 83,360 vehicles pass directly in front of the Property daily, according to the most recent traffic counts, which predate the completion of Grandview Hospital and thus are likely markedly understated. Additionally, the service road on which the Property is located has two access points on either side of the Property. These characteristics allow the Property to be both viewed and entered easily from either direction. HIGH BARRIERS TO ENTRY The corridor on which the property is located is the site of major recent and future developments. The brand-new Grandview Hospital, situated in close proximity along Highway 280, is a 372-bed medical center offering diverse specialties to serve the enormous portion of the Birmingham population who lives in Shelby County and along Highway 280. FLEXIBLE STRUCTURE The existing structure offers potential buyers flexibility as either a single or multi-tenant space. The brick construction is less than 20 years old and offers more than 60 parking spaces. The quality of the real estate, however, is such that new construction is also an option should a potential purchaser prefer that route. 3 FORMER GOLFSMITH LOCATION COLLIERS INTERNATIONAL

4 SITE PHOTOS 4 FORMER GOLFSMITH LOCATION COLLIERS INTERNATIONAL

5 AREA RETAIL 5 FORMER GOLFSMITH LOCATION COLLIERS INTERNATIONAL

6 AREA OVERVIEW HIGHWAY 280 RETAIL SUBMARKET The Highway 280 submarket is one of the Birmingham retail market s most prominent areas. The total rentable square footage is almost 4 million square feet and includes some of the region s most famous destinations. One such destination is the Summit, a one million square foot lifestyle center which houses upscale retailers, restaurants, and high-end dining options. Additionally, the developer recently purchased over 100 acres across the highway from the Summit, and general assumptions are that this new land will be developed into a new phase of the center. Such are the expected ripple effects that the Alabama Department of Transportation have publicly announced that they are exploring options to ease expected congestion on Highway 280 from the project. The recent addition of Grandview Hospital to the Highway 280 corridor promises to increase already-high traffic counts to new levels, as well as provide opportunities for new service-based retailers. DEMOGRAPHICS 1 MILE 3 MILES 5 MILES Population 5,368 42,847 99,636 Average Household Income $75,215 $102,489 $124,340 NEIGHBORING SHOPPING CENTERS RIVER RIDGE THE SUMMIT THE SHOPS OF > 349,666 SF Power Center > Major Tenants: Best Buy, Target, Nordstrom Rack, World Market, Staples, Mens Warehouse > Directy behind Property > 981,714 SF open-air Shopping Center > Major Tenants: Saks Fifth Avenue, Belk, Carmike Cinema, Trader Joes, Bed Bath and Beyond > State s premier shopping destination COLONNADE > 127,000 +/- SF Power Center > Major Tenants: Gold s Gym, Cracker Barrel, GolfTEC, Taziki s Mediterranean Cafe INVERNESS CORNERS AND PLAZA > More than 304,000 SF > Major Tenants: Kohl s, Planet Fitness, Winn Dixie, CVS, Mellow Mushroom BROOK HIGHLAND PLAZA > 500,000 SF power center > Anchored by Dick s Sporting Goods, Lowe s, HomeGoods, SteinMart, Sprout s Farmers Market 6 FORMER GOLFSMITH LOCATION COLLIERS INTERNATIONAL

7 CONFIDENTIALITY & DISCLAIMER STATEMENT Former Golfsmith Location This Offering Memorandum was prepared by Colliers International and has been reviewed by the owner. It contains selected information pertaining to the Former Golfsmith Location located at 4604 Highway 280, Birmingham (MSA), Alabama (the Property ) and does not purport to be all inclusive or to contain all the information which a prospective purchaser may desire. All materials and information received or derived from Colliers International, its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty by Colliers International its directors, officers, agents, advisors, or affiliates as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements,suitability, financial performance of the property, projected financial performance of the property for any party s intended use or any and all other matters. Neither Colliers International, its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party s active conduct of its own due diligence to determine these and other matters of significance to such party. Colliers International will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. Colliers International makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Colliers International does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property. Owner shall have no legal commitment or obligation to any purchaser reviewing the offering memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the property has been fully executed, delivered and approved by the Owner, and any conditions to Owner s obligations thereunder have been satisfied or waived. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. 7 FORMER GOLFSMITH LOCATION COLLIERS INTERNATIONAL

8 CONTACT US JOSH RANDOLPH, CCIM Senior Director Alabama Direct TOMMY HILTZ Associate Alabama Direct COLLIERS INTERNATIONAL 880 Montclair Road Suite 250 Birmingham, AL main Mobile Mobile fax 8 FORMER GOLFSMITH LOCATION COLLIERS INTERNATIONAL