Hampton Cove Shops
Closed322 Sutton Rd, Owens Cross Roads, AL 35763
Property type
Retail
Price
$7,600,000
Building size
41,681 sf
Rentable area
41,681 SF
Year built
2008
Year renovated
Occupancy
96.64%
Zoning code
Lot size
7.71 Acres
Sold/status
Sold · Date unknown
Sale price
$7600000
CAP
8.15%
Net Operating Income
$619,179
Property description
Franklin Street is pleased to offer Hampton Cove Shops, a 41,904 SF Walmart Shadow Center in the Owens Cross Roads, Alabama. Owens Cross Roads is located within the booming Huntsville MSA just to the east of Huntsville Mountain. Huntsville is one of the fastest growing tech cities in the nation, and much of the growth can be attributed to the growth of the Redstone Arsenal (40,000+ employees) and NASA's Marshall Space Flight Center (7,000+ employees). Hampton Cove Shops is located in a tight leasing market within Owens Cross Roads, as there is very little vacancy in surrounding centers, which presents a significant upside opportunity for investors in leasing the remaining vacant unit. The site comes with a vacant pad in the parking lot that could be developed for up to 4,000 SF. Surrounding projected sales for the adjacent big box retailers are very strong and helps drive customers to the center including Publix, Lowe's, and Walmart. Additional outparcel users generating traffic to the corner include Walgreens, O'Reilly Auto Parts, Anytime Fitness, Sonic, Murphy Oil, Wendy's, Taco Bell, among others. Within the center the tenancy is made up of a strong mixture of regional and national service tenants including Dollar Tree, H&R Block, ALFA Insurance, We Rock the Spectrum Gym, Jefferson's, among others. There is a new proposed medical center directly behind the center and Walmart, that will drive additional traffic to the area and allow the opportunity for support medical tenants in the submarket.
Property highlights
- 41,904 SF Walmart Shadow Center in the Huntsville, AL MSA (Walmart Generates 1.7M Annual Visits)
- 96% Leased and Development Pad Zoned for Up to 4,000 SF
- Affluent Huntsville Suburb: $180,000+ Household Incomes
- Ability to Push Rents: Most Recent Leases Done at $23-24 PSF While Remainder of Rent Roll is Paying $14-19 PSF
- Located at a Main-and-Main Intersection With the Corners Occupied by Walmart, Publix, Lowe's, and the Middle & Elementary Schools
- Huntsville MSA Consistently Ranks in the Top 25 Fastest Growing MSAs
- Larger Trade Area: Only Walmart Supercenter in Southeast Huntsville
- Highly Visible Intersection: 48,725 VPD combined from Hwy 431 & Sutton Rd