Under Contract
Albany Crossing
For saleUnder contract244 Cordele Rd, Albany, GA 31705-2405
Property type
Retail
Price
$5,825,000
Building size
36,000 sf
Year built
2010
Lot size
4.98 Acres
CAP
8.50%
Net Operating Income
$495,302
Property description
Franklin Street is pleased to present the opportunity to acquire Albany Crossing, a 36,000 SF Walmart shadow center in Albany, Georgia. Albany, Georgia serves as the economic and healthcare hub of Southwest Georgia, drawing consumers from a broad regional trade area of more than 500,000 residents. Home to major employers including healthcare, education, manufacturing, and logistics operations, the city benefits from a diverse economic base and a stable workforce. Positioned along major transportation corridors, Albany offers strong retail fundamentals and serves as a primary shopping destination for surrounding rural communities. Albany Crossing is made up of a strong mixture of retailers and daily service operators including national tenants: Davita, Hibbett Sports, Rainbow, Sun Com Mobile, among others. The surrounding area includes other traffic generating retailers including Planet Fitness, Dollar Tree, Pilot Travel Center, Family Dollar, Walgreens, among other QSR users. The leases have strong built in rental increases and many of the long term tenants have exercised several option renewals showcasing their commitment to the site.
Property highlights
- Walmart Shadow Center in southern Georgia: Walmart generates 1.7M annual visits
- Durable Income Stream: 5.5 WALT
- Large Trade Area Covering 15-30 Minutes Away: 60,577 residents within the 15 minute radius
- Strong History at the Center of Replacing Tenants with National Retailers When One Has Left: Dollar Tree --> Rainbow, Shoe Show --> Hibbett Sports, Petsense --> Davita
- Most Visited Shopping Center on the East Side of Albany: 2.1M annual visits
- One Vacant End Cap that Offers 2,360 SF with a Drive-Thru
- Strong NOI Growth Opportunity: 2.90% 5 Year CAGR