Albany Exchange
Closed1218 N. Westover Blvd, Albany, GA 31707
Property type
Retail
Price
$3,546,772
Building size
19,600 sf
Rentable area
19,600 SF
Year built
2003
Year renovated
Occupancy
Zoning code
Lot size
2.64 Acres
Sold/status
Sold · Date unknown
Sale price
$3546772
Net Operating Income
$280,195
Property description
Franklin Street is pleased to present Albany Exchange, a three tenant strip center in Albany, Georgia. Albany is located in southwest Georgia and ranks as the 11th largest MSA in Georgia with 145,000+ residents. Albany's economy is driven by a large healthcare system that employs 5,400 employees and a large marine base employing 4,000+ people, and contributes an estimated $1.7B annually to the local economy. Albany Exchange is located within the main retail corridor of the market and surrounded by national big box retailers and restaurant operators that services a large trade area. America's Home Place has operated within the center since it was constructed in 2003. Pet Supplies Plus and Asia Buffett have more recently moved into the center and both signed 10+ year leases. Each lease has built in rent increases throughout the term and option periods and fully NNN leases. The property has been owned and well maintained by the original developers of the property. Albany Exchange has excellent visibility, as it sits parallel to North Westover Blvd (19,600 VPD), with several rows of parking fronting the center allowing for optimal parking and access for the tenants.
Property highlights
- 19,600 SF Three Tenant Shopping Center in Albany, Georgia
- 7.5 Year WALT With a Mixture of National & Local Tenants
- Main Retail Corridor With Home Depot, Lowes, Sam's Club, and the Albany Mall
- Recent Property Upgrades: New HVAC's, Parking Lot, and Paint
- Located Just Off the Liberty Expressway: 40,700 VPD
- Easy to Maintain: Fully NNN Lease Structures From All Tenants
- 80,000+ Residents Within the 15 Minute Trade Area
- Diverse Economy in Albany With a Multitude of Drivers
- Built in Rental Increases During Term & Option Periods
- Significantly Below Replacement Cost: $188 PSF