Coosa Town Center
Closed334 E Meighan Blvd, Gadsden, AL 35903
Property type
Retail
Unit / Space count
11
CAP
8.56%
Building size
105,979 SF
Year built
2005
Lot size
13.26 acres
Sold/status
Sold · Date unknown
Sale price
$12250000
Property description
Franklin Street’s Atlanta Retail Investment Sales team is pleased to offer for sale Coosa Town Center, a regionally dominant shopping center positioned adjacent to a high-volume Walmart Supercenter in Gadsden, Alabama. Gadsden is located in Northeast Alabama and the county seat of Etowah County. Etowah County is located along the Norfolk Southern Railway and Interstate Highway 59. Gadsden is an hour northeast of Birmingham and 90 miles southwest of Chattanooga, Tennessee. Gadsden is home to many industrial and manufacturing jobs due to the low cost of living and ease of transportation to the surrounding area. The region now has 93 agricultural entities, including major poultry operations that employ thousands of workers. In 2019, Koch Foods increased its Alabama footprint with a $55 million grain storage and distribution facility. The property is one of the largest and most technologically advanced facilities of its type in the entire world. Southern Cold Storage of Alabama maintains a 103,000-square-foot cold storage facility in the county, sited on a 90-acre Tyson Foods development, which puts chicken into final packaging and stores poultry until it is shipped all over the world. There are two other cold storage facilities in the county: Americold and Millard Refrigerator Services. Coosa Town Center is anchored by TJ Maxx, Petco, Old Navy and Burkes Outlet and features several popular national shop tenants. This offering represents the opportunity to acquire a regional shopping destination featuring an established, unique-to market, national tenant lineup. Coosa Town Center was completed in 2005, totals 105,979 SF and is located in the primary retail node of Gadsden, Alabama. The property features several unique-to-market anchor tenants including TJ Maxx, Petco, Old Navy and Burkes Outlet, and each tenant other than Burkes is original to the development of the shopping center. The property has a strong lineup of national shop tenants including Firehouse Subs, Sally Beauty Supply, GameStop, and Rack Room Shoes. Coosa Town Center is positioned adjacent to a Walmart Supercenter that ranks as one of the top performing Walmarts in the country and attracts customers from across the Gadsden MSA. The majority of the tenant base has been in their spaces for 17 years and have established rent levels well below comparable new construction shopping centers. National retailers bringing additional traffic to the retail node include Hobby Lobby, Ross Dress for Less, Ulta, Five Below, Aldi, Academy Sports, Lowe's, among many others.
Property highlights
- Desirable, Unique-To-Market Anchor Tenant Lineup Including TJMaxx, Petco, Old Navy, Rack Room Shoes & Burkes Outlet
- Attractive Assumable Loan At a Below Market Rate (4.00%) Allowing For Double Digit Cash on Cash Returns
- Adjacent to a High-Volume, Regionally Attracting Walmart Supercenter (Top 90% Store)
- Extended Primary Trade Area Reaching a Population of Over 100,000 Residents
- Major Retail Thoroughfare with 39,000+ VPD and National Big Box Users
- Retailers With Very Strong Performing Stores: TJMaxx (Top 81%), Petco (Top 73%), Sally Beauty (Top 94%), Among Others
- National Tenants Account For 97% of the Occupied GLA
- No Duplicate Anchor-Tenant Locations for more than 27 Miles