Courtesy Colliers International
Chelsea Crossings
The Chelsea Crossings shopping center will be up for auction in August.
The Chelsea Crossings shopping center, located off of Highway 280 in Chelsea, is up for auction next month.
Bidding starts at $1.1 million, according to auction.com, and the two-day auction is set to start Aug. 17.
Josh Randolph of commercial real estate company Colliers International is listed as the agent for the property.
The 37,850 square foot property is at nearly 90 percent occupancy, including a Cato, Dollar Tree and Shoe Department as some of its tenants. Randolph said 73 percent of the tenants have been in the building since it was built in 2007, which is not frequently seen.
A lack of turnover is a benefit for the buyer, Randolph said, in addition for the chance to add value to the property.
“Whoever buys this center, they’ll have value they can add to this center because there’s some vacancy in the center that we’re not valuing,” he said.
The location also helps, Randolph said, because it is across the street from a Walmart and shares an entrance with two fast food restaurants. He also said that Chelsea is expected to see more growth in the future, making it a good long-term investment.
“Everything is growing, just over time that area will be a part of Birmingham,” Randolph said. “That’s the direction Birmingham is growing, just down Highway 280.”
The property is located at 16054 US Highway 280, and more information about the auction can be found at auction.com.
