Fultondale, AL - Ashley Furniture

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, freestanding, Ashley Furniture investment property located in Fultondale, AL (Birmingham MSA). The tenant, Red Mountain Retail, Inc., has 2 years of firm term remaining with an additional 3 (5-year) option periods left to extend. The lease features 8% rental increases at the beginning of each option period, growing NOI and hedging against inflation. The lease is NNN with limited landlord responsibilities, making it an ideal, low-management investment opportunity for a passive investor. Founded in 1997, Ashley Furniture is among the largest furniture store chains with over 1,100 operating locations as of 2021.

Ashley Furniture is strategically located near the signalized, hard corner intersection of Lowery Parkway and Decatur Highway, averaging a combined 22,900+ vehicles passing by daily. The asset also benefits from direct access to Interstate 65 (105,100 VPD), making this a centralized location with direct access into Downtown Birmingham (8 miles). The property is ideally situated within a dense trade area and is as an outparcel to Promenade Fultondale, a 349K+ SF Community Center anchored by Target. The trade area is also home to ALDI, Lowe’s Home Improvement, Ross Dress for Less, Winn-Dixie, Chick-fil-A, McDonald’s, and others. The strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Furthermore, the property is near numerous single-family communities and multi-family complexes including Fulton Ridge (166 units), Chapel Creek (248 units), Stoney Brook (390 units), and others, providing a direct residential consumer base. The 5-mile trade area is home to over 59,100 residents and 34,200 daytime employees, with an average annual household income of $65,793.