INVERNESS PLAZA • 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 ANCHOR • 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 ANCHOR • 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.
MOST AFFLUENT & FASTEST GROWING DEMOS IN ALABAMA • 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%
STRATEGIC LOCATION | HIGH WAY 280 RET AIL CORRIDOR • 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 • 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