Deals
McAlpin Square – Savannah, GA
THE OPPORTUNITY
- 85% of the GLA is made up of National Tenants
- McAlpin Square is the only pure place grocery anchored center in the submarket
- Three of the Four anchor tenants have been in the center for over 20 years
- Strong traffic counts with 30,900 VPD on E Victory Dr and 29,000 VPD on Truman Pkwy
- E-Commerce resistant tenant mix with 61% of GLA made up of grocery and non-soft goods retail
- Great synergy within the market with the Target anchored power center across Victory Dr and the Whole Foods anchored center on Victory Dr
- Kroger has been the anchor tenant since 1980, for over 40 years
THE DEAL POINTS
- Square Feet: 169,960 SF
- Occupancy: 92.81% (excluding Police Dept)
- Asking Price: $19,070,000
- NOI: $1,430,239
- Asking Cap Rate: 7.50%
THE HIGHLIGHTS
- Kroger anchored center in one of the leading coastal markets in the southeast
- Recent Kroger five year renewal without any landlord conditions
- Unrivaled location at the intersection of Victory and Truman Pkwy
- Strong Kroger sales at $24,977,549 ($573psf) putting the grocer at a health ratio of 0.81%
- Anchor tenants have been in the center for an average of 21 years
- High occupancy levels in the immediate area with submarket small shop vacancies at <5%
- The Savannah market is known for it’s extremely high barriers to entry. Overall Savannah market has seen over a 10% population growth over the past ten years, expected to grow at 5.5% over the next five years
- Extremely dense retail corridor, neighbors include Target, Home Depot, Whole Foods, Staples, Floor & Décor, Chipotle, Zoe’s, Orange Theory
- Savannah has a metro population of 384,000+