Mobile, Alabama – The Net Lease Group (“NLG”) represented Lafayette Land Company in the successful sale of Shoppes at Rangeline, a fully leased retail property in Mobile, Alabama. The transaction closed in September for $3,900,000, marking another significant achievement in Mobile’s retail landscape. Positioned in front of Lowe’s Home Center and shadow-anchored by ALDI supermarket, Shoppes at Rangeline offers prime visibility and access for its tenants, further solidifying its reputation as a high-performing asset.
This transaction follows the recent completion of the seller’s adjacent project, Rangeline Crossing, reinforcing the strength of the local market. Shoppes at Rangeline, totaling 10,965 SF, was redeveloped in late 2019 from a vacant building originally constructed in 2006. The property is 100% leased to five established tenants, continuing to attract solid interest.
“I congratulate our client, Lafayette Land, for overcoming very challenging economic conditions and successfully closing the sale of the Shoppes at Rangeline in Mobile, Alabama. As tenants continue to renew leases, Shoppes at Rangeline repeatedly proves itself a solid revenue performer and a dependable long-term investment for the buyer,” said Rick Ross, Executive Vice President at NLG.
The Buyer, Henry Wong Investments, was represented by GoldenX Realty, while Lafayette Land Company’s strategic redevelopment efforts were expertly handled by The Net Lease Group, reaffirming their position as a leader in net lease brokerage.
The Property
Strategically located between Government Boulevard and I-10 along Halls Mill Road at Rangeline Road, the shopping center sits on the main drive to Lowe’s and enjoys continuous foot traffic generated by Lowe’s, ALDI, and the newly opened Veterans Administration Mobile Outpatient Clinic. Its 100% leased tenant roster includes a variety of service-oriented businesses that benefit from the center’s high visibility and prime access.
About NLG
NLG is an investment advisory and brokerage firm specializing in corporate, institutional, and private execution of single and multi-tenant, net lease transactions across all markets. NLG provides Investment Sales, Sale-Leaseback Advisory, Build-to-Suit Advisory, Development Services, Debt-Equity Placement, and Private Client Services throughout the United States.