Piggly Wiggly/Big Lots/Dollar General/Aaron's/Goody's
(201) 742-6119 | Email
Grocery Anchored Neighborhood Center
86% Occupied. 80% Leased to National Tenants
Strong Anchor Tenant Sales
Stable Historical Occupancy
Value Add. 11.08% Cap with Leaseup
Marcus and Millichap is pleased to exclusively present for a sale a 104,819 square foot grocery anchored retail center in the city of Sylacauga, Birmingham-Talladega MSA, Alabama. The subject property is over 86% leased with long term historical occupancy. 80% of the tenants are strong national brands, including Piggy Wiggly, Big Lots, Dollar General, Goody’s and Aaron’s. Piggly Wiggly, the grocery anchor, has strong sales and recently exercised their next option early, showing their continued commitment to the site. Although the property is stabilized and offers an attractive return, filling the limited vacancies at market rates could yield an investor a return over 11% in year 2. In addition, most tenants are on NNN leases with structured rent increases.
Sylacauga is a rapidly expanding community with several major developments in the works. TJ Maxx, Chick-fil-A and Starbucks are all completing build to suit projects in the immediate vicinity of the subject property showing a strong demand for the area. Sylacauga is in the Birmingham-Talladega Alabama MSA which boasts an overall population of 1.2 million residents.