1 St. Louis Street, Ste. 4100 Forum hops 2ering …images3.loopnet.com/d2/0rJSQoUkJdWQLl0obdXWsyRyXC6h4KWphBALCOt2eHk/...Property Overview Location The Property strategically located

Schi

lling

er R

oad

Moffett Road (Highway 98)

(ADT 2015-23,290)

(ADT 2015 - 28,470)

SITE

1

stirlingproperties.com Member ofThe foregoing is solely for information purposes and is subject to change without notice. Stirling Properties makes no representations or warranties regarding the properties or information herein including but not limited to any and all images pertaining to these properties. It is the obligation of each purchaser/lessee to investigate the condition and attributes of the properties and to verify the accuracy of the foregoing information to the extent such purchaser/lessee deems necessary. Also subject to errors, omissions, changes in terms and conditions, prior sale, lease or withdrawal, without notice. 6/17

Forum Shops Offering Memorandum 3385 Schillinger Road North, Semmes, AL

Jeff Barnes, CCIM 1 St. Louis Street, Ste. 4100 Mobile, Alabama 36602251-375-2496 [email protected]

Jill Meeks 1 St. Louis Street, Ste. 4100 Mobile, Alabama 36602251-375-2499 [email protected]

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Executive Summary

Investment Summary Property Overview / Site Plan Regional Map Tenant Information

Financial Information

Income / Expense Summary Rent Roll

Market Overview Area Overview Demographics

Table of Contents

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Forum Shops3385 Schillinger Road North, Semmes, AL








Investment Summary

Offering

Stirling Properties is pleased to offer for sale the fee simple interest in Forum Shops, a multi-tenant shopping center located in the Mobile, Alabama MSA. Built in 2007, the Walmart Shadow Center is 83% leased (7/2017), with only one vacant unit available. The tenant mix consists of both national and local retailers, as well as a Moe’s Original Bar-B-Que Restaurant. The 5 ± acre site may provide for potential expansion of the 37,341 SF center.

Retail Corridor

Located at the intersection of Schillinger Road and Moffett Road, the property is well-positioned to take advantage of the future growth corridors of the Mobile MSA. The property is directly adjacent to Walmart Supercenter, as well as other national retailers such as Dollar Tree, Cato, Rite Aid, Autozone, and Advance Auto Parts. Surrounding restaurants include Arby’s, McDonald’s, Burger King, Sonic, Waffle House, Foosackly’s, and Church’s Chicken. Close proximity to residential neighborhoods is also an attribute of the property.

03/12/2007

EXECUTIVE SUMMARY

This property is being sold “AS-IS, WHERE IS AND WITH ALL FAULTS”.

Occupancy Level: 83% (7/17) Net Operating Income: $311,964

Price: $3,900,000 Cap Rate: 8% Price/SF: $104

Deep South VapeNails By Princess AV

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TAX & PAYROLL SERVICES

Property Detail • Property Address: 3385 Schillinger Road, North, Semmes, Alabama• Land Area: 5.4 ± Acres• Building Size: 37,341 ± Square Feet• Construction Type: Block Wall• Year Built: 2007• Number of Existing Tenants: 11• Parking Spaces: 198 (5.27/1000)

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Property Overview

Location

The Property strategically located at the intersection of Schillinger Road and Moffett Road, with a combined traffic count of 28,470 VPD. (ADT 2015)

Access

Forum Shops has multiple points of ingress and egress along Schillinger and Moffett roads. Furthermore, connectivity to the adjacent Walmart Super Center and other surrounding retailers and restaurants also exists.

Parking There are 198 parking spaces on site (5.27/ 1000)

Development Potential

Given the high parking ratio and un-utilized area on the northeastern portion of the site, there may be the potential to incorporate a “kiosk”- style building to accommodate a small user such as a walk-up coffee shop, ice cream shop, etc. This would need to be verified by local authorities.

EXECUTIVE SUMMARY

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562

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560

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4,68

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REN

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TER

4,62

0 SF

AVAILABLE

6,254 SF

POSSIBLE PAD SITE

MCCRANIE ATA

MARTIAL A

RTS

4,113 SF

NEW HORIZON CREDIT UNION

2,000 SF

1 3 76 8 9 10 1511,12,13

17

18

19

WALMART SUPERCENTER

WAL

MAR

T SU

PERC

ENTE

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SOUTH LINE OF SUBDIVISION

Site Plan

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MS

Baton Rouge *837,071

Montgomery *372,703

Tallahassee *379,688

Lafayette *496,573

LA

ALGA

FL

Regional Population MapEXECUTIVE SUMMARY

Gulf of Mexico

Pensacola *485,127

Jackson *580,869

Columbus *317,612

Hattiesburg *150,252

* MSA Population Data retrieved from sitesusa.com

Gulfport / Biloxi *393,858

New Orleans / Metairie *1,282,322

Semmes / Mobile *415,091

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Tenant InformationEXECUTIVE SUMMARY

Complete Pool Care tinyurl.com/ycdkqgfp

Complete Pool Care is a locally owned and operated business in Semmes, Alabama. The company

originated as a service based business but has expanded into the retail market. Complete Pool Care specializes in pool construction, liner replacements, salt chlorination, maintenance, repair and much more. Service areas range from basic one pump systems to extensive electronics and plumbing applications.

Hibbett Sports www.hibbett.com

Hibbett Sports is one of the fastest growing retailers in the country, with over 1,000 stores

in 33 states. Each location is designed specifically to serve its community and customers.

Rent-A-Center www.rentacenter.com

Rent-A-Center is a furniture and electronics company that was founded in the 1986 in Plano,

Texas. Their products range from furniture, computers, TVs and more. Rent-A-Center has over 3,000 stores in the countries of United States, Canada, Puerto Rico and Mexico. With more than one million customers, Rent-A-Center is a leader in the rent-to-own sector.

McCranie Martial Arts ATA www.rentacenter.com

McCranie Martial Arts ATA has been practicing martial arts for over 10 years. They are current

State, District and World Champions with American Taekwondo Association.

Moe’s Original Bar B Que www.moesorignalbbq.com

Moe’s Original Bar B Que was founded by in Alabama. The first venue opened in 2001 in

Minturn, Colorado, at Cougar Ridge Café. Moe’s has since then expanded to over 50 successful restaurants in 15 states. Their logistics continue to be refine for aggressive growth. By the end of 2017 Moe’s Original Bar B Que will have opened six new locations.

Anytime Fitness www.anytimefitness.com

Anytime Fitness has a presence in over 20 countries around the world. They have over 2 million members, who have access to their gym 24/7.

Cricket Wireless www.cricketwireless.com

Cricket Wireless is a prepaid wireless service provider in the United State, and is a wholly owned subsidiary of AT&T. Cricket Wireless was founded in 1999 by Leap Wireless International.

New Horizons Credit Union www.newhcu.org

Formally known as Scott Southern Division, Employees Credit Union and later Scott Credit Union, now New Horizons Credit Union was

established in 1950. The company is a not-for-profit financial cooperative and is governed by a member-elected Board of Directors. New Horizons Credit Union offers members a variety of financial services and is federally insured by the NCUA.

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Net Operating Income

CURRENT PROFORMA

IncomeRental Income 370,663.38$ 9.93$

RecoveriesCAM 46,661.67$ RE Taxes 19,268.34$ Insurance 16,423.56$

Total Existing Rent 453,016.95$

ExpensesReimburseableCAM 65,720.16$ 1.76$ TAX 23,151.42$ 0.62$ INS 29,872.80$ 0.80$

Non-ReimburseableMGMT (3.50%) 12,973.22$ Reserve ($0.25 psf) 9,335.25$ Total Expenses 141,052.85$ 3.18$

CURRENT NOI 311,964.10$

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FINANCIAL INFORMATION








Rent RollFINANCIAL INFORMATION

SUITE TENANT S.F. TERM ANNUAL RENT ANNUAL TAXES ANNUAL INS ANNUAL CAM Rental Options NNNRENT /SF TAXES /SF INS. /SF CAM /SF Increases %

1 Moe's BBQ 3,702 12/03/16-12/31/2021 46,127$ 12.46$ 3,183.72$ 0.86$ 1,221.72$ 0.33$ 5,886.24$ 1.59$ 3% Annually (270) 2, 5 Year; 10% every 5 years 9.91%3 Anytime Fitness 4,162 2/1/2009 - 1/31/2022 62,430$ 15.00$ -$ -$ -$ -$ -$ -$ Feb-17 $15.00, Feb-20 $16.00 None 11.15%6 Cricket Wireless 1,562 11/1/09-1/31/19 17,697$ 11.33$ 968.40$ 0.62$ 1,249.56$ 0.80$ 3,156.00$ 2.02$ 3% Annually (180) 1, 3 Year; $12.02 with 3% Increases 4.18%7 Deep South Vape 1,562 5/1/2014 - 4/30/2018 20,306$ 13.00$ 968.40$ 0.62$ 1,249.56$ 0.80$ 3,293.28$ 2.11$ None None 4.18%8 Nail Salon 1,560 9/26/16-9/30/21 18,720$ 12.00$ 1,341.60$ 0.86$ 514.80$ 0.33$ 2,480.04$ 1.59$ 2% Years 3/5 (270) 1, 3 Year 3% Increase flat for term 4.18%9 Accurate Tax & Payroll 1,560 10 year 18,720$ 12.00$ 967.20$ 0.62$ 1,248.00$ 0.80$ 3,291.60$ 2.11$ 5% yrs 4-6 & 7-10 None 4.18%10 Complete Pool 1,560 3/1/2011 - 2/29/2020 21,060$ 13.50$ 967.20$ 0.62$ 1,248.00$ 0.80$ 2,967.60$ 1.90$ $0.50 Annual None 4.18%

11-13 Hibbett Sports 4,686 3/1/2016 - 5/31/2026 56,232$ 12.00$ 4,217.40$ 0.90$ 3,045.96$ 0.65$ 5,388.84$ 1.15$ None (180) 3, 5 Year; $13.00, $14.00, $15.00 12.55%15 Rent A Center 4,620 4/1/2007-3/31/2022 41,580$ 9.00$ 2,864.40$ 0.62$ 1,755.60$ 0.38$ 7,299.60$ 1.58$ None None 12.37%17

Martial Arts 4,113 3 year 28,791$

7.00$

2,550.06$

0.62$ 3,290.40$ 0.80$

8,678.43$

2.11$ 3% Annually None 11.01%18Vacant 6,254 50,032

$ 8.00

$ -

$ $ - -$ -

$

-$

-$ 16.75%

19 New Horizon Credit Union 2,000 12/31/2007 - 11/30/2020 39,000$ 19.50$ 1,239.96$ 0.62$ 1,599.96$ 0.80$ 4,220.04$ 2.11$ 12/17 $20.50; 12/18 $0.50 ann 5.36%

TOTAL 37,341 420,695$ 11.27$ 19,268$ 16,424$ 46,662$ 100.00%

SPACED LEASED 31,087 83% RENT LEASED 370,663.38$ 88%SPACED UNLEASED 6,254 17% UNLEASED 50,032.00$ 12%

TOTAL SPACE 37,341 100% ANNUAL RENT 420,695.38$ 100%

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Area Overview

Mobile County, Alabama

Mobile, Alabama is ranked one of the nation’s best places to live and grow a business. The low cost of living, diverse business base, availability

of professional and skilled workforce, intermodal transportation hub, and quality lifestyle continues to attract people and business to the area – including international companies such as AIRBUS, Austal USA, BAE Systems. Mobile is also home to Infirmary Health System and the University of South Alabama.

Mobile County consist of just over 400,000 people. Combined with neighboring Baldwin County to the east, as well as the coastal Mississippi area, total population approaches 900,000. Semmes is located in the center of Mobile County, accessible via US Highway 98 (Moffett Road) and Schillinger Road – a primary growth corridor connecting Semmes to Interstate 10. Semmes is well-positioned to accommodate future growth in the Mobile market.

MARKET OVERVIEW

Alabama AIRBUS Facility

Photo Credit: AL Department of Commerce

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Demographics & Retail Sales 5 mile 10 mile 15 mile

Demographic Source: Applied Geographic Solutions 04/2017, TIGER Geography page 1 of 1©2017, Sites USA, Chandler, Arizona, 480-491-1112

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SUMMARY PROFILE2000-2010 Census, 2017 Estimates with 2022 ProjectionsCalculated using Weighted Block Centroid from Block Groups

Lat/Lon: 30.7608/-88.2274RS1

3385 Schillinger Rd N3 mi radius 5 mi radius 10 mi radius

Semmes, AL 36575

POPU

LATI

ON

2017 Estimated Population 16,824 46,470 241,737

2022 Projected Population 16,508 45,205 242,605

2010 Census Population 15,811 45,835 237,895


Projected Annual Growth 2017 to 2022 -0.4% -0.5% 0.1%

Historical Annual Growth 2000 to 2017 1.8% 0.8% 0.4%

2017 Median Age 37.7 37.1 36.8

HO

USE

HO

LDS

2017 Estimated Households 6,393 17,532 98,259

2022 Projected Households 6,522 17,732 102,475

2010 Census Households 5,779 16,656 93,261


Projected Annual Growth 2017 to 2022 0.4% 0.2% 0.9%


RAC

E AN

DET

HN

ICIT

Y

2017 Estimated White 71.2% 60.4% 57.2%

2017 Estimated Black or African American 24.3% 35.5% 37.5%

2017 Estimated Asian or Pacific Islander 0.8% 0.8% 2.1%

2017 Estimated American Indian or Native Alaskan 0.7% 0.6% 0.4%

2017 Estimated Other Races 3.0% 2.7% 2.8%

2017 Estimated Hispanic 3.1% 2.6% 3.0%

INC

OM

E 2017 Estimated Average Household Income $66,311 $60,232 $64,210

2017 Estimated Median Household Income $60,368 $52,514 $52,810

2017 Estimated Per Capita Income $25,214 $22,780 $26,210

EDU

CAT

ION

( AG

E 25

+)

2017 Estimated Elementary (Grade Level 0 to 8) 4.2% 4.3% 3.4%

2017 Estimated Some High School (Grade Level 9 to 11) 8.8% 9.5% 8.7%

2017 Estimated High School Graduate 38.4% 38.4% 30.8%

2017 Estimated Some College 23.5% 23.3% 22.8%

2017 Estimated Associates Degree Only 8.2% 8.1% 8.2%

2017 Estimated Bachelors Degree Only 12.6% 11.6% 17.4%

2017 Estimated Graduate Degree 4.4% 4.8% 8.8%

BUSI

NES

S 2017 Estimated Total Businesses 515 1,297 10,521

2017 Estimated Total Employees 4,021 11,384 120,235

2017 Estimated Employee Population per Business 7.8 8.8 11.4

2017 Estimated Residential Population per Business 32.7 35.8 23.0

Demographic Source: Applied Geographic Solutions 04/2017, TIGER Geography page 1 of 1©2017, Sites USA, Chandler, Arizona, 480-491-1112

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SUMMARY PROFILE2000-2010 Census, 2017 Estimates with 2022 ProjectionsCalculated using Weighted Block Centroid from Block Groups

Lat/Lon: 30.7608/-88.2274RS1

3385 Schillinger Rd N3 mi radius 5 mi radius 10 mi radius

Semmes, AL 36575

POPU

LATI

ON

2017 Estimated Population 16,824 46,470 241,737

2022 Projected Population 16,508 45,205 242,605



Projected Annual Growth 2017 to 2022 -0.4% -0.5% 0.1%


2017 Median Age 37.7 37.1 36.8

HO

USE

HO

LDS

2017 Estimated Households 6,393 17,532 98,259

2022 Projected Households 6,522 17,732 102,475



Projected Annual Growth 2017 to 2022 0.4% 0.2% 0.9%


RAC

E AN

DET

HN

ICIT

Y

2017 Estimated White 71.2% 60.4% 57.2%

2017 Estimated Black or African American 24.3% 35.5% 37.5%

2017 Estimated Asian or Pacific Islander 0.8% 0.8% 2.1%

2017 Estimated American Indian or Native Alaskan 0.7% 0.6% 0.4%

2017 Estimated Other Races 3.0% 2.7% 2.8%

2017 Estimated Hispanic 3.1% 2.6% 3.0%

INC

OM

E 2017 Estimated Average Household Income $66,311 $60,232 $64,210

2017 Estimated Median Household Income $60,368 $52,514 $52,810

2017 Estimated Per Capita Income $25,214 $22,780 $26,210

EDU

CAT

ION

( AG

E 25

+)

2017 Estimated Elementary (Grade Level 0 to 8) 4.2% 4.3% 3.4%

2017 Estimated Some High School (Grade Level 9 to 11) 8.8% 9.5% 8.7%

2017 Estimated High School Graduate 38.4% 38.4% 30.8%

2017 Estimated Some College 23.5% 23.3% 22.8%

2017 Estimated Associates Degree Only 8.2% 8.1% 8.2%

2017 Estimated Bachelors Degree Only 12.6% 11.6% 17.4%

2017 Estimated Graduate Degree 4.4% 4.8% 8.8%

BUSI

NES

S 2017 Estimated Total Businesses 515 1,297 10,521

2017 Estimated Total Employees 4,021 11,384 120,235

2017 Estimated Employee Population per Business 7.8 8.8 11.4

2017 Estimated Residential Population per Business 32.7 35.8 23.0

MARKET OVERVIEW

5 mile

10 mile

15 mileDemographic Map

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Documents

1 St. Louis Street, Ste. 4100 Forum hops 2ering …images3.loopnet.com/d2/0rJSQoUkJdWQLl0obdXWsyRyXC6h4KWphBALCOt2eHk/...Property Overview Location The Property strategically located