Riverview Plaza

Riverview Plaza

407 George Wallace Drive
Gadsden, AL

Price: $8,000,000
Cap: 9.50%
NOI: $759,613
Building Size: 148,860 SF
Lot Size: 15.55 AC

Investment Highlights

NATIONAL CORPORATE TENANTS
Riverview Plaza is a 148,860 SF shopping center on 15.55 acres leased to national tenants including Harbor Freight Tools, CATO, Dollar Tree, Aarons, and Bargain Hunt.

SEASONED TENANTS AND LEASING MOMENTUM
Riverview has enjoyed a stable tenant mix with 40% of the Tenants in Occupancy for 10+ Years. Recently Harbor Freight, Dollar Tree, and Express Steakhouse

STRONG RETURN PLUS UPSIDE
Priced at a 9.5% Cap on in place income, the property offers a strong 15% return as-is. Additionally, there is currently 14,300 SF of leasable shop space available. Once stabilized and leased at market rates the center will yield a 28% return.

ATTRACTIVE 2007 RENOVATION
The center was renovated in 2007 and features attractive brick and block construction with updated facades and roof.

STRATEGIC LOCATION
Riverview is strategically located along the high traffic George Wallace Drive (21,500 VPD) off State Route 759 (27,210 VPD) in the heart of Gadsden. The center is adjacent to Gadsden Mall (500,000 SF), Academy Sports, and Lowes Home Improvement.

GADSDEN, AL
The subject property contains an incredibly rare value-add opportunity. Due to the depth of the former Walmart Box, the center contains 28,159 SF of what is currently considered un-leasable backspace.  However, this “contiguous back space” faces the Coosa River and the recently completed “Riverwalk at Coosa Landing”, a 2.5 Million Dollar mile-long series of boardwalks, piers, docks, pavilions and walking trails along the river. This was created to entice additional development along the Coosa River.  One such development is next door and is “Venue at Coosa Landing Project”. The city of Gadsden has invested $15 Million dollars in this currently underway development that will create a 50,000 SF conference Center and over 20,000 SF of Retail and Restaurant space.  Buffalo Wild Wings is the first tenant announced.  The potential exists for a creative investor to generate a tremendous return by taking advantage of the redeveloping riverfront via the “back space” at Riverview.

RARE VALUE-ADD OPPORTUNITY
28,159 SF FRONTING COOSA RIVER DEVELOPMENT
The subject property contains an incredibly rare value-add opportunity. Due to the depth of the former Walmart Box, the center contains 28,159 SF of what is currently considered un-leasable backspace.  However, this “contiguous back space” faces the Coosa River and the recently completed “Riverwalk at Coosa Landing”, a 2.5 Million Dollar mile-long series of boardwalks, piers, docks, pavilions and walking trails along the river. This was created to entice additional development along the Coosa River.  One such development is next door and is “Venue at Coosa Landing Project”. The city of Gadsden has invested $15 Million dollars in this currently underway development that will create a 50,000 SF conference Center and over 20,000 SF of Retail and Restaurant space.  Buffalo Wild Wings is the first tenant announced.  The potential exists for a creative investor to generate a tremendous return by taking advantage of the redeveloping riverfront via the “back space” at Riverview.

Zach Taylor
OFFERING MEMORANDUM

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