Significant buyer interest in properties with assumable financing options
GADSDEN, AL (June 26, 2023) – Franklin Street has arranged the sale of Coosa Town Center, a 105-979-square-foot retail shopping center in Gadsden, Alabama, for $12.25 million, or approximately $115.59 per square foot. The property is shadow-anchored by Walmart.
Franklin Street’s Atlanta-based Retail Investment Sales Team of Bryan Belk and John Tennant arranged the sale on behalf of the seller, Atlanta-based Hendon Properties, in the transaction. The buyer is Arkansas-based Core Coosa Town Center, LLC.
“This property receives a strong regional pull from 30+ miles. The Walmart that sits next to the property ranks in the top 90 percentile for visits within the chain and many of the tenants within Coosa Town Center report very strong sales. The attractive yield in retail investments is continuing to gather interest in comparison to other specialty types which are offering lower yields like apartments or industrial,” said John Tennant.
“The investment opportunity received significant interest from a variety of investment groups. The property offered assumable financing at a rate significantly below current interest rates. We expect loan assumptions to be a significant trend driving transactions, as regional lenders pull back from the market and interest rates remain historically high,” said Bryan Belk.
Built in 2005, the property was 98% leased at the time of sale. In addition to the shadow anchor Walmart, the property comprises national tenants including TJMaxx, Petco, GameStop, Old Navy, Bealls and Xfinity, among others.
Situated on 13.26 acres at 334 E Meighan Blvd., Coosa Town Center benefits from its prominent location, which sees an average daily traffic count of 39,083 vehicles and has attracted 3.65 million visitors within a 12-month period. Further, it is located near national retailers including Walmart, Hobby Lobby, Ross, Five Below, Shoe Carnival and Super Cuts.
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 $7 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.