Inverness Plaza

Inverness Plaza

20 - 180 Inverness Plaza
Birmingham, AL

Price: Request for Offer
Cap: Request for Offer
NOI: $966,100
Building Size: 74,719 SF
Lot Size: 9.75 AC

Investment Highlights

• Inverness Plaza is a 74,719 SF retail offering in Hoover, AL
• Center is anchored by a high performing Planet Fitness & PGA Tour Superstore
• Stabilized at 98% Occupancy

• Planet Fitness (27% of GLA) executed a 10-Year lease in November 2010 and exercised a 5-year extention option in September 2021
• This location is Franchised by United PF Partners, the largest Planet Fitness Franchisee Conglomerate in the United States with over 160 locations in 14 states
• After acquiring 26 locations in 2019, United PF Partners sold to American Securities in 2020
• American Securities is one of the leading private equity firms in the US with 23B in assets under management & annual revenue of $2B

• PGA Tour Superstore (34% of GLA) executed a 10-Year lease in March of 2015
• This location has experienced significant sales growth year over year & paid $20,286 in 2020 percentage rent (excluded from model)
• PGA Tour Superstores are owned and operated by Golf & Tennis Pro Shop, Inc., a wholly-owned subsidiary of AMB Group, LLC (Arthur M Blank Foundation)
• Arthur M. Blank (Net Worth $7.7B) is the founder of Home Depot and owner of the Atlanta Falcons
• As an entity of the Blank Family of Business, it is under the umbrella of a mega conglomerate that shares ownership in the Atlanta Falcons, Atlanta United MLS, Mercedes Benz Stadium, & AMBSE Ventures
• PGA Tour Superstore had a record setting year in 2021, experiencing an 80% increase in business since 2019
• Due to the success of this location, Diamond Golf Carts has occupied 8,900 SF in the suite next door, creating synergy and adding an additional draw for golf consumers.

• The center is situated less than 10 minutes from Hoover, Meadowbrook, Trussville, Homewood, & Chelsea, each in the top 10 of Alabama’s most affluent suburbs
• Hoover & Trussville experienced the most growth in Alabama over the last decade (Top 5)
• Inverness Plaza is surrounded by affluent country club neighborhoods including Greystone, Inverness, Heatherwood, Hoover, and River Chase Country Clubs
• 5-Mile Average HHI: $152,350
• 5-Mile Population: 88,294
• 5-Mile Population Growth: 5.07%

• Inverness Plaza is ideally located on Birmingham’s Highway 280 (90,161 VPD), just 10 Miles from Downtown Birmingham
• It is also located at the intercept point for Valleydale road, the only artery road connecting Meadowbrook & Hoover
• Sits at the heart of a dense retail corridor | 1.8M SF of Retail in a 1-Mile Radius
• Surrounding tenants include Walmart Supercenter, SuperTarget, Home Depot, Lowe’s, Hobby Lobby, TJ Maxx, Dick’s Sporting Goods, HomeGoods, Academy Sports, and many more
• The Inverness/Medowbrooke submarket is home to the MSA’s largest concentration of office space (8.6 million square feet) and state-of-the-art medical center (1 million square feet).

• Grandview Medical Center (3-Miles from site) has acted as a major catalyst to the Highway 280 corridor
• Grandview Medical Center is a 434-bed tertiary care hospital that utilizes its 759 employees to provide healthcare services to patients in Birmingham and surrounding communities.
• Since its construction in 2015, the hospital has served as the foremost catalyst for new surrounding development
• Since its opening in 2015, this economic centerpiece has sparked various multi-family & residential housing construction within 2 miles of the medical campus
• Additional office, medical office, hospitality, and multi-family developments that have been planned are projected to create 10,000+ jobs and $400M+ in annual revenue

Zach Taylor

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