Pinnacle at Tutwiler Farm Represents a Value-Add Retail Investment Opportunity
December 13, 2019
TRUSSVILLE, ALA. – Transwestern Commercial Services (TCS) today announces it has been tapped to sell Pinnacle at Tutwiler Farm, a 248,988-square-foot, multi-anchor power/lifestyle center at 5000 – 5084 Pinnacle Square in Trussville, Alabama. Tenancy is led by large big-box retail brands including Best Buy, At Home, JCPenney, and Belk. TCS Southeast Investment Services Group Vice President Fred Victor and Managing Director Jon Kleinberg will market the value-add investment on behalf the undisclosed seller.
“Pinnacle at Tutwiler Farm represents an excellent investment opportunity in the fastest-growing city in the Birmingham MSA,” said Victor. “Built in 2006, the property is 84% occupied and offers strong in-place cash flow from its unique mix of power and lifestyle retailers. With shop space available for lease, the asset creates a significant value-add opportunity for investors in one of Birmingham’s top growth markets.”
Strategically positioned with extensive frontage along Interstate 59 and adjacent to Colonial Promenade Tutwiler Farm, which is anchored by synergistic tenants Home Depot, Target, T.J. Maxx, and Bed Bath & Beyond, the Pinnacle sees exceptionally high traffic. Additionally, the property benefits from the recent opening of a new access point, The Valley Road Bypass, offering a direct connection to Exit 141 on I-59, supplementing the two existing access points from Highway 11. The traffic count along I-59 averages more than 48,000 vehicles per day. The property is also poised to benefit from continued rental rate growth and cash flow as available space becomes scarce in the market, with vacancy in the surrounding retail corridor at 2.2%.
“With over 1.8 million square feet of retail space that is 98% leased in the surrounding area, there is strong demand that will support an investor’s efforts in leasing the 39,650 square feet of available retail space at Pinnacle,” said Kleinberg.
Named one of the 10 best towns in Alabama for young families and among the five best Birmingham suburbs, Trussville benefits from Birmingham’s robust and diversified economy with major sectors ranging from banking and finance to healthcare and auto manufacturing. Due in large part to the presence of the University of Alabama – Birmingham and other area top universities, the currently strong and diverse Birmingham economy will continue to grow and prosper.
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Transwestern Commercial Services (TCS) is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service and innovative client solutions. Applying a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global organization adds value for investors, owners and occupiers of all commercial property types. We leverage market insight and operational expertise from across the Transwestern enterprise, which includes firms specializing in development and real estate investment management. TCS has 34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.