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1000 W Main Street - West Main Plaza - Porter Square, Dothan, AL
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1000 W Main Street - West Main Plaza - Porter Square
Dothan, AL 36301-1447
5.5 AC (239,580 SF)
For Sale Price:
192 Surface spaces are available; Ratio of 2.7/1,000 SF
Pro Forma NOI - $250,000
Pro Forma Cap Rate - 13.19%
Porter Square provides an excellent opportunity for an investor or user to acquire a value-add center with 71,106 GLA for less than $27 per foot. Located less than a mile west of downtown Dothan on Main Street, Porter Square sits on 5.5 acres and is the centerpiece of what was formerly Porter Square Mall, which has been divided into three separate parcels that are individually owned. Anchored by Citi Trends, Porter Square is comprised of a mix of retail (42%) and office (58%) which provides huge potential upside in income given leasing efforts. This mix of space also provides an excellent opportunity for redevelopment given the current layout of the structure and large size of the parcel.
Citi Trends (over 500 stores in 31 states) provides a consistent flow of traffic to the center, and confirmed its commitment to the site by recently executing a 5-year extension of its lease. The left portion of Porter Square Mall (different ownership) is occupied by Dollar General, Shur-Valu Foods, and Builders Lighting & Appliance, which, in addition to Citi Trends, drives traffic into the center. The right portion of the mall (also different ownership) is vacant.
Seller financing available to qualified buyers.
CLICK HERE TO CONTACT THE SALES BROKER
FOR SALE CONTACTS
Bull Realty Inc.
(404) 876-1640 x101
View all my listings
(404) 876-1640 x150
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