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SHOPPING CENTER AUCTIONS
Fulton and Iuka MS

SOUTHGATE SHOPPING CENTER
FULTON, MS
53,200 sq ft building
on 5.95 +\- acre site

Sealed Bid Auction:
Wednesday, December 08, 2010
at 12:00 PM CST

Property Location:
1403 South Adams St.
Fulton, MS 38843-8433


Auction Location:
2687 Mt. Moriah Terrace
Memphis, TN 38115



SOUTHGATE SHOPPING CENTER
  • 5.95 +\- ACRE SITE fee simple title
  • Improvements include 53,200 sq ft gross with 49,500+\- sq ft rentable area covering 6 bays which each include HVAC systems and 1 to 3 commercial rest rooms per bay depending upon bay size. There is a common party wall shared with the newly opened Giant Food store which adjoins the property on the north elevation.
  • There are Concrete Drives and Concrete surfaced parking for 175+\- vehicles
  • A March 2008 professional inspection of the property revealed a circa 1980 commercial retail shopping center comprised of 6 separate retail bays sharing a common roof structure and divided by concrete block walls. The foundation for the improvement is a reinforced concrete foundation slab on grade. Interior floor coverings of each bay consists of commercial vinyl tile or carpet. The exterior walls consist of masonry bock and the interior walls are masonry block covered by dry wall of paint.
  • The property is 72% occupied. Tenants include Peebles, Fred's, and First American Bank
  • Annual collected rents include annual base rents of $154,586, percentage of sales from Fred's ($23,000 +/-), pass thru of Real Estate Taxes of $19,625.00, Insurance pass thru of $2,414.00, and CAM of $10,657.00
  • Current lease runs thru 2019 for Peebles, 2011 for Fred's, and 2011 for First American Bank. All leases contain 5 yr extension provisions
  • Zoning - C-3 Neighborhood District

More Information for the
SOUTHGATE SHOPPING CENTER AUCTION


 

WALMART RETAIL CENTER
IUKA, MS
41,400 sq ft building
on 5.38 +/- acre site

Sealed Bid Auction:
Wednesday, December 08, 2010 at
at 12:00 PM CST


Property Location:
1110 Battle Ground Dr.,
Iuka, MS 38852-1021

Auction Location:
2687 Mt. Moriah Terrace
Memphis, TN 38115


SOUTHGATE SHOPPING CENTER
  • 5.38 +\- ACRE SITE ground leased at a cost of $20,000 annually thru 2028
  • Improvements include 41,400 sq ft Class-C masonry building that has been occupied and consistently utilized as a Wal-Mart retail operation for over 31 years. Building has 14 ft eave height is constructed with metal framing support, concrete masonry block exterior walls on 4+\- inch reinforced concrete slab and has one high dock loading area ,.
  • There is Concrete and Asphalt surfaced parking for 130+\- vehicles
  • A July 2008 professional inspection of the property revealed newly installed interior floor coverings including commercial tile, laminate hardwood, and ceramic tile. All Interior and Exterior walls of the building had been recently painted along with newly installed business signage, newly renovated rest rooms, and the installation of new acoustic ceiling tile.
  • Annual collected rents include base rent of $93,150, percentage of sales ($62,000 +/-) and pass thru of Real Estate Taxes of $15,252.
  • Current lease runs thru 2014 and is in the process of being extended until 2019 with provisions for subsequent 5 yr extensions.
  • Zoning -C-2 Highway Commercial District.

More Information for the
WALMART RETAIL CENTER




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