FOR SALE: The Shoppes at Alabaster (Birmingham MSA)

Colliers is pleased to offer qualified investors the opportunity to acquire the Shoppes at Alabaster, a ±12,000 SF unanchored strip center in the heart of a dominant, robust retail corridor in Alabaster, AL (Birmingham MSA). This three-tenant, 2008 construction asset is strategically placed off US Hwy 31 (41,248 VPD) on Colonial Promenade Parkway directly across from Lowe’s and CHICK-FIL-A. Other retailers in the immediate proximity of the asset include but are not limited to Lowe’s, Target, Ross, Walmart, and many others. According to Credit Intel, Alabaster Promenade, the Target anchored center directly to the south, is ranked 2nd in the state for total visits in centers between 400-600k GLA.

The subject property is comprised of 100% national tenants. Each tenant represents the largest operators within their respective sectors. Sherwin Williams is the most valuable paint brand in the world, Mattress Firm is the largest mattress retailer in the US, and AT&T is the world’s largest telecommunications company by revenue in the world. Suite sizes range from approximately 3,000-5,000 SF, spaces that can attract a large range of uses. Market rents are very reasonable, ranging from $21 to $26 PSF. Mattress Firm and AT&T have both been at the subject property since it’s inception. Sherwin has been in successful operation since 2016.

Located only approximately twenty-five minutes from downtown Birmingham, Alabaster is a vibrant and fast-growing suburb. Alabaster is located in Shelby County, one of the largest counties in the state with a population of 233,000. The market is seeing substantial growth, with a $242 million mixed-use development that is underway known as District 31. District 31 is less than a mile from the subject property. Furthermore, Alabaster has grown over 60% over the past 10 years. It offers a high quality of life with a relatively low cost of living, one of the best school systems in the state, and close proximity to Birmingham.

The Birmingham MSA is the largest MSA within Alabama, with a population of 1.1 million people. Birmingham has a very strong business climate. Over 200 companies call Birmingham their headquarters. Major employers include but are not limited to the University of Alabama Birmingham (UAB), AT&T, Mercedes Benz, Regions, Protective, Encompass Health, and many others. The region boasts an economy with a strong presence in healthcare, education, finance, technology, and advanced manufacturing, supporting over 557,000 jobs.

The subject property benefits from an attractive demographic profile. The average household income within a three-mile radius is $109,000 respectively. Additionally, the population is 158,000 people within a ten-mile radius. The subject property pulls from an incredibly wide trade area well over 20-miles.