The Gateway Centre in Saraland, a submarket of Mobile, Alabama, sold for nearly $6.7 million, signaling to investors the growth of that market.
Hix Snedeker sold the 30,000-square-foot retail center in October 2022 for $222 per square foot at a cap rate of 6.54%, which is a new record sales price both in total and per square foot for this submarket. The sale was recognized as the sale/acquisition of the year in Mobile, Alabama, as part of the 2023 CoStar Impact Awards, which were judged by real estate professionals familiar with the market.
Gateway Centre was built in 2013. Its tenants include Dollar Tree, Bedzzz Express, Chicken Salad Chick, The Orthopedic Group, Rock N Roll Sushi, Hancock Bank, Encore Rehabilitation and Hancock Whitney Bank, according to CoStar data.
About the project: Gateway Centre was built in 2013 and is owned by Hix Snedeker Cos.
What the judges said: "[The] transaction set a new high sales price in the market. The asset [is] located in Saraland and this should help other investors take note of the growth and activity in that market." — Justin Toomey, managing director of SVN Toomey Property Advisors.
"This sale sets a new price bar in an area that has experienced exponential growth in the [past] 10 years." — John Vallas, president of Vallas Realty.
"This was a highly visible property and sold for asking price." — Patrick Denney, president and CEO of eds America.
They made it happen: John Barton, broker at Avington Realty.