Big Lots & TSC - Northport, AL

5510 McFarland Boulevard, Northport, AL, 35476, US

Description

JLL is pleased to exclusively offer for sale the fee-simple interest in the Big Lots & Tractor Supply Co. (the “Property“ or the “Asset”) located Northport, AL (Tuscaloosa MSA). The Asset is comprised of 58,035 SF and is 100% occupied with 3.5 years of WALT. The tenants operate on NN lease structures with minimal landlord responsibilities and highly defendable rents. This Tractor Supply Co. location draws more visits annually than any other TSC in the state of Alabama (64 locations), per Placer Ai.

The Property is situated within a dense corridor along McFarland Blvd. (29,000 VPD) anchored by the adjacent Walmart Supercenter which attracts more than 2.7 million annual visits and ranks in the 90th percentile of most frequented locations in the state. Other blue-chip brands in the immediate area include Chick-fil-A, Lowe’s and Aldi. Northwood Shopping Center, a Class-A retail center that attracts 1.2 million annual visits and is anchored by Publix and Hobby Lobby is located 1-mile east of the Property along McFarland Blvd.

The surrounding market has experienced substantial growth in recent years. Since 2010, the 5-mile population has flourished by more than 30%. This growth is largely attributed to the presence of the University of Alabama located just 10-minutes from the Property. With more than 40,000 students and significant capital investments in recent years, the university has served as a primary driver for growth to the local economy.

This offering presents a rare opportunity to acquire a quality Asset occupied by nationally recognized tenants and future mark-to-market opportunities in a significant growth market anchored by one of the largest and oldest universities in the nation.

BOR: Buff Teague AL License #83353-0

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Attributes

Building area net

5,392 m²

Occupancy

100%

Year built

1992

Land area gross

3.22 ha

Number of units

WAULT

3.5 years

Cap rate

6.75%

Asking price

IDR 87,448,224,000

NOI

IDR 5,902,688,000

Media

Investment Highlights

NATIONALLY RECOGNIZED TENANCY

TSC is the largest rural supply lifestyle retail chain in the nation with 2,300 stores across 49 states and carries Investment grade credit rating (S&P:BBB)
Big Lots is experiencing a brand revival since being acquired by Variety Wholesalers in 2024, improving operational efficiency and revamped inventory

PRIME LOCATION WITH EXCELLENT VISIBILITY

One block from a high-performing Walmart Supercenter (2.7 million annual visits) and Lowe’s (865k annual visits)
Irreplaceable box and nearly 8 AC site with clear exposure to 29,000 VPD and direct connectivity to downtown Tuscaloosa

THRIVING MARKET WITH STRONG DEMOGRAPHIC PROFILE

The surrounding 5-mile radius’ population has grown by 21% since 2020
More than 3 million square feet of commercial development has been delivered in the Tuscaloosa market since 2020 to accommodate the recent spike in demand within the market
The University of Alabama is undergoing a $300 million campus renovation that is driving enrollment growth and fueling economic growth

BELOW-MARKET RENTS WITH STRONG FUTURE UPSIDE

The below-market rents create a substantial mark-to-market opportunity in the event the tenants do not extend beyond lease expiration
At a $6.33/SF of weighted rent, the current leases are 64% below-market (per Costar)