OFFERING INTRODUCTION
Matthews Real Estate Investment Services™, as exclusive broker, is pleased to offer the opportunity to acquire Flint’s Crossing, a 97,668± SF neighborhood center, anchored by HomeGoods and Michaels - located three miles from Auburn University within the heart of Auburn, AL.
INVESTMENT HIGHLIGHTS
Well-located in Auburn – a growing SEC college town which is home to Auburn University (33,885 students) - Along with a solid local economy centered around education, manufacturing, and healthcare
Anchored by a high-performing HomeGoods and Michaels – two national credit anchors - Which boast an average remaining lease term exceeding 6 years
Strategic main and main position across from Auburn Mall, at the nexus of Auburn’s retail corridor - At the pin corner of Opelika Rd & E University Dr - the busiest intersection in the city, accessing 47,000+/- VPD
Resilient tenant roster bolstered by over 75% national and strong regional retailers - Including a plethora of restaurants, medical providers, beauty, and service-oriented tenants
In addition to HomeGoods on a new 10-yr lease, accounting for 22,850± SF, recent leasing momentum includes 15,115± SF of new tenants since 2022 - Underscoring the Property’s ongoing viability and demand within the Auburn retail market
With recent renovations and extensively updated facades over the last few years, the Property is in very good condition - With attractive, modern aesthetics, limiting Buyer exposure to significant near-term CapEx
HomeGoods boasts strong foot traffic data (Placer.ai) - Ranking in the top 64% in the U.S. and the top 70% in the state of Alabama (based on data coverage)
With a proven, national anchor base, fully renovated shopping center, and one of the most desirable locations in the market; several long-time shop tenants at Flint’s Crossing enjoy notably below market rents - Providing an accretive mark-to-market scenario resulting in a 3.11% CAGR
MARKET OVERVIEW
Situated across from Auburn Mall, Flint’s Crossing benefits from significant retail synergy along Opelika Rd, including a plethora of national outparcel draws in front of the mall.
AUBURN, AL
A major SEC college town, Auburn is one of the fastest growing cities in the state and the largest overall city in eastern Alabama. Positioned roughly 100 miles southwest of Atlanta and 50 miles east of Montgomery along I-85, the city boasts a strategic regional position with a strong, local economy centered around manufacturing, aviation, healthcare and higher education as the home of Auburn University, which employs over 4,300 people. Auburn’s industrial base is built around mid-sized, high-tech manufacturing and research firms. The city has one industrial park and four technology parks where business installations include manufacturing of small engines, automotive wheels, fuel cells, and more. Auburn Research Park includes several buildings housing research in many different specialties, including the MRI Research Center which features both a 3 Tesla and a 7 Tesla MRI scanner. Auburn is also located between Kia’s West Point Assembly Plant (33 mi. to the northeast) and Hyundai Motor Manufacturing Alabama – a 3.4M SF facility in south Montgomery.
PROPERTY ATTRIBUTES
Main & Main Strategic, High-Traffic Position
Situated at the signalized pin corner of E University Dr and Opelika Rd, Flint’s Crossing enjoys a main and main position within the Auburn market, across from Auburn Mall. Accessing over 47,000 VPD in front of the Property, Flint’s Crossing is just minutes from both Auburn University Regional Airport and East Alabama Medical Center, as well as the center of Auburn’s campus, which is home to 33,885 students and 4,300 employees. The Opelika Rd retail corridor is also home to a plethora of regional consumer draws, including Belk, Dillard’s, Walmart Supercenter, Harbor Freight Tools, Crunch Fitness, Walmart Neighborhood Market and more.
Phenomenal Retail Fundamentals
Flint’s Crossing is characterized by phenomenal retail fundamentals, which continue to make it a highly viable shopping destination and market leading retail asset in the Auburn market.
Significant Capital Improvements
Having been completely reconfigured and renovated, Flint’s Crossing boasts a host of capital improvements over the last few years, modernizing the shopping center and ideally positioning it for the next iteration of ownership.
Synergistic Outparcel Draws
In addition to a KFC outparcel, ranked #14 of 79 (top 83%) in the state of Alabama for foot traffic, the tenants at Flint’s Crossing benefit from multiple ancillary QSR draws in the immediate vicinity, which provide customer traffic throughout the day, including McDonald’s, Krispy Kreme, Barberito’s, Starbucks, Applebee’s and Cook Out.
TENANT HIGHLIGHTS
Proven Anchor Mix
Flint’s Crossing is anchored by a strong combination of national retailers – HomeGoods and Michaels – with an advantageous average remaining lease term exceeding 6 years, facilitating stability into the future as well as Buyer ability to secure accretive financing. With a new 10-yr lease in 2022, HomeGoods boasts excellent consumer analytics, ranking in the top 64% in the U.S. and the top 70% in the state of Alabama (based on data coverage).
Diverse, National Tenant Roster
With over 75% national and strong regional retailers comprising the tenant roster, Flint’s Crossing benefits from a diverse mix of predominantly e-commerce resistant shop tenants, highlighted by a synergistic blend of national restaurants, beauty services, insurance and financial providers, medical tenants, tutoring, a dance academy and more.
Strong Tenant Demand & Viability
In addition to several tenants, which have 20+ years of tenure at the Property, Flint’s Crossing has enjoyed excellent, recent leasing momentum, highlighted by the addition of HomeGoods and regional retailer, Diamond Golf Cars, accounting for 15,115+/- SF of new (non-anchor) tenants since 2022, underscoring the Property’s enviable main and main position within the Auburn retail node.
Accretive Mark-To-Market Opportunity
With phenomenal retail fundamentals and arguably the most desirable retail location in the Auburn market, Flint’s Crossing presents a highly attractive and viable mark-to-market opportunity via several existing shop tenants, which are paying well below market rents following the renovation and reconfiguration of the Property over the last few years. The average shop rent at the Property is roughly $5.00 PSF below Auburn’s market rent, including tenured tenants like Wild Birds, Freeway Insurance, Glamour Nails, UPS and Serendipity Sisters. For more info, refer to the Trade Area Overview later in the OM and/or call Brokers for additional color.
Kyle Matthews | Broker of Record
LIC.# 000110253 - 0 (AL)