Madison, AL – Franklin Street is pleased to announce the successful sale of Medical Park Station for $11 million, representing a significant milestone in the retail real estate market. The property, with a total square footage of 33,157 SF, boasts an impressive occupancy rate of 95.17% and is home to notable tenants including T-Mobile, Dunkin’, Taziki’s Mediterranean Café, and Rumble Boxing.
The buyer was Gould Brookridge, LLC, while the seller was Bond Street Fund 10, LLC was represented by Bryan Belk and John Tennant from the Franklin Street team. The transaction highlighted the continued interest in convenience retail strip centers across the Southeast, attracting strong interest from institutional capital investors and well-capitalized private investors alike.
“This deal showcases the surging demand for street front retail strip centers, especially with the lack of similar new developments in the area, pushing retail rents higher,” said Bryan Belk. “Ultimately, we awarded the deal to a robust family office engaged in a 1031 exchange, surpassing over 10 competitive offers.”
Recent enhancements to Medical Park Station include securing several national franchise tenants, complementing the existing strong tenant mix. The new owner plans to make small property improvements and capitalize on the mark to market opportunity across the rent roll of under market rents.
Strategically located across from the newly developed Clift Farm, Medical Park Station is poised for significant growth. The Clift Farm project, once fully built out, will introduce 890 multi-family units, 365 townhomes, and 400,000 SF of Publix-anchored retail, ensuring a vibrant community nearby.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management, and Project Management. With $10 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide. Learn more about Franklin Street at FranklinSt.com.
