MOBILE MARKET WATCH Mitchell College of Business Center for Real Estate Studies Retail Properties: Baldwin and Mobile For Lease and For Sale “Data you can use.” “Education you can use.” Mitchell College of Business Center for Real Estate Studies Spring, 2007 USA takes reasonable measures to ensure the quality of the data and other information produced. However, USA makes no warranty, express or implied, nor assumes any legal liability or responsibility for the accuracy, correctness, or completeness of any information, nor represents that its use would not infringe on privately owned rights. Reference to any specific commercial product, process, or service does not constitute an endorsement, recommendation, or favoring by USA. 1 of 43 RETAIL PROPERTIES: BALDWIN AND MOBILE For Lease and For Sale Table of Contents Introduction Interesting Facts Table 1. 1990-2006 Baldwin Employment 1990-2006 Mobile Employment List of Zipcodes Table 2. Fall/Winter ’06 & Spring ’07, Asking Lease Rate per S.F. by Zipcode Table 3. Fall/Winter ’06 & Spring ’07, Calculated Vacancy Rate by Zipcode Selective statistics Table 4. Fall/Winter ’06 & Spring ’07, Masterfile of Retail Properties Advertised for Lease Table 5. Fall/Winter ’06 & Spring ’07, Asking Lease Rate per S.F. by Zipcode (Lots only) Table 6. Fall/Winter ’06 & Spring ’07, Calculated Vacancy Rate by Zipcode Selective statistics (Lots only) Table 7. Fall/Winter ’06 & Spring ’07, Masterfile of Retail Properties Advertised for Lease (Lots only) Table 8. Fall/Winter ’06 & Spring ’07, Advertised Sales Price per S.F. by Zipcode Table 9. Fall/Winter ’06 & Spring ’07, Calculated Sales Price per S.F. by Zipcode Table 10. Fall/Winter ’06 & Spring ’07, Masterfile of Retail Properties Advertised for Sale Table 11. Fall/Winter ’06 & Spring ’07, Advertised Sales Price per S.F. by Zipcode (Lots only) Table 12. Fall/Winter ’06 & Spring ’07, Calculated Sales Price per S.F. by Zipcode (Lots only) Table 13. Fall/Winter ’06 & Spring ’07, Masterfile of Retail Properties Advertised for Sale (Lots only) USA takes reasonable measures to ensure the quality of the data and other information produced. However, USA makes no warranty, express or implied, nor assumes any legal liability or responsibility for the accuracy, correctness, or completeness of any information, nor represents that its use would not infringe on privately owned rights. Reference to any specific commercial product, process, or service does not constitute an endorsement, recommendation, or favoring by USA. 2 of 43 Introduction This represents the third report on commercial properties by the Center for Real Estate Studies. Entitled “Retail Properties: Baldwin and Mobile,” it includes interesting statistics for the Fall/Winter 2006 as well as Spring 2007. Readers should remember that the data covers advertised “for lease” and “for sale” data only. Final sale information is excluded. Special thanks goes to the Commercial Property Directory, Birmingham, for providing useful data. Other sources include the CCIMnet, Loopnet, Alabama Power, Economic Development Partnership Alliance, and the Center for Real Estate Studies. Look for the additional commercial property reports. For additional information, contact Don Epley, Director, Center for Real Estate Studies, 251.460.6735 or depley@usouthal.edu. 3 of 43 Interesting Facts Fall/Winter ‘06 & Spring ‘07 Advertised Retail For Lease (Buildings): total properties included 95 asking lease rate per s.f. median $12.00 on 69 buildings reporting building s.f. median 15,000 on 55 buildings reporting total building s.f. 2,417,555 on 55 buildings reporting total available s.f. 1,128,440 on 74 buildings reporting available s.f. median 5,100 on 74 buildings reporting Fall/Winter ‘06 & Spring ‘07 Advertised Retail For Lease (Lots only): total properties included 1 asking lease rate per s.f. median $0.40 on 1 site reporting total available s.f. 75,000 on 1 site reporting available s.f. median 75,000 on 1 site reporting Fall/Winter ‘06 & Spring ‘07 Advertised Retail For Sale (Buildings): total properties included 100 sale price median $640,000 on 100 buildings reporting building s.f. median 6,000 on 61 buildings reporting sales price per bldg. s.f. median $135.43 on 60 buildings reporting site s.f. median 59,241.60 on 67 sites reporting sales price per site s.f. median $13.86 on 66 sites reporting Fall/Winter ‘06 & Spring ‘07 Advertised Retail For Sale (Lots only): total properties included 11 sale price median $626,450 on 11 parcels reporting site s.f. median 73,700 on 11 sites reporting sales price per site s.f. median $8.50 on 11 sites reporting Note: This data covers only properties advertised for lease and for sale as an indication of current market activity. They do not represent the total inventory. For example, the “building s.f.” represents only buildings that are advertised with available space. Owneroccupied property is excluded, also. 4 of 43 MARKET WATCH Table 1. 1990-2006 Baldwin Employment by Quarter Nonag Year 1990 1995 2000 2005 2006 Quarter 1 1 1 1 2 3 4 1 2 3 4 113,882 134,736 148,472 166,341 176,488 178,094 174,718 175,217 185,005 187,140 184,279 Nat'l Res Mining, Const 7,741 10,381 11,723 14,469 15,722 16,126 17,050 17,020 18,175 18,520 18,425 Mfg 18,001 17,537 17,567 16,411 16,231 15,694 15,634 15,959 15,846 15,365 15,506 Trad, Tran Ware, Util 27,025 30,558 33,166 38,870 40,785 41,063 40,782 40,721 41,485 42,979 43,263 Info FiAct ProBA EdHS 1,275 1,464 1,842 1,599 1,704 1,822 1,759 1,844 1,895 1,962 1,921 5,793 7,124 8,051 9,921 10,767 11,198 10,974 10,779 11,547 11,742 11,570 12,573 13,474 13,915 12,951 13,614 14,858 15,358 14,585 15,708 15,726 17,114 19,676 19,496 19,749 20,015 20,169 FiAct ProBA EdHS Leisure Hospitality 22,493 27,007 27,497 23,924 23,469 28,097 27,935 24,674 Other Services 8,029 8,398 8,468 8,209 8,151 8,561 8,854 8,604 Gov 19,519 23,081 24,469 26,268 26,674 25,197 23,759 24,164 24,792 24,410 25,562 1990-2006 Mobile Employment by Quarter Nonag Year Quarter 1990 1 1995 1 2000 1 2005 1 2 3 4 2006 1 2 3 4 401.1 474.5 528.5 516.8 527.1 524.2 538.8 534.7 538.4 537.5 547.1 Nat'l Res Mining,Const 27.4 36.8 41.6 40.2 41.9 42.6 45.7 45.2 43.8 43.5 44.7 Mfg 59.5 58.0 57.8 43.0 43.5 43.6 42.7 43.7 44.6 46.4 46.4 Trad,Tran Ware, Util 98.0 110.7 121.1 114.1 115.7 116.1 119.1 117.4 118.8 120.4 122.8 Info 6.9 7.8 9.9 7.5 7.7 7.8 7.8 8.1 8.1 8.1 8.1 18.7 22.8 25.8 28.0 28.2 28.8 33.6 29.1 29.0 29.1 29.5 34.5 47.6 62.7 65.2 67.9 67.4 66.7 67.0 66.8 66.3 66.2 40.9 51.9 57.2 62.8 65.0 64.9 65.8 65.7 68.0 67.6 68.7 Leisure Other Hospitality Services 26.7 21.9 34.6 26.6 39.3 31.0 44.4 28.4 45.5 28.0 44.5 27.2 46.1 27.9 46.8 28.1 48.0 28.2 47.0 28.2 46.9 29.3 Gov 66.6 77.7 82.1 83.2 83.7 81.3 83.4 83.6 83.1 80.9 84.5 5 of 43 Mobile County Zip Code 36505 36509 36512 36521 36522 36523 36525 36528 36541 36544 36560 36568 36571 36572 36575 36582 36587 36590 36601 36602 36603 36604 36605 36606 36607 36608 36609 36610 36611 36612 36613 36615 36616 36617 36618 36619 36621 36622 36625 36628 36630 36633 36640 36641 36644 36652 36660 36663 City Axis Bayou La Batre Bucks Chunchula Citronelle Coden Creola Dauphin Island Grand Bay Irvington Mount Vernon Saint Elmo Saraland Satsuma Semmes Theodore Wilmer Theodore Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Eight Mile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile State AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL Area Code 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 6 of 43 36670 36671 36675 36685 36688 36689 36690 36691 36693 36695 Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile Mobile AL AL AL AL AL AL AL AL AL AL 251 251 251 251 251 251 251 251 251 251 58 in total Source: www.getzips.com 7 of 43 City of Mobile ZIP CODES 36571 36572 43 36613 36611 36575 36612 36610 36618 36617 36603 36607 36608 36602 36606 36604 36603 36609 36695 36615 36693 36605 36619 ZIP CODE BOUNDARY MOBILE CITY LIMITS 98 36582 0 1 2 Miles City of Mobile GIS / April, 2004 8 of 43 Baldwin County Zip Code 36507 36511 36526 36527 36530 36532 36533 36535 36536 36542 36547 36549 36550 36551 36555 36559 36561 36562 36564 36567 36574 36576 36577 36578 36579 36580 26 in total City Bay Minette Bon Secour Daphne Spanish Fort Elberta Fairhope Fairhope Foley Foley Gulf Shores Gulf Shores Lillian Little River Loxley Magnolia Springs Montrose Orange Beach Perdido Point Clear Robertsdale Seminole Silverhill Spanish Fort Stapleton Stockton Summerdale State AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL AL Area Code 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 Source: www.getzips.com 9 of 43 Table 2. MARKET WATCH Fall/Winter '06 &Spring '07, Retail Properties Mobile and Baldwin Advertised For Lease Asking Lease Rate per S.F. by Zipcode property number 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 zipcode number 36507 36526 36526 36526 36526 36526 36527 36527 36527 36532 36532 36532 36535 36535 36535 36535 36535 36551 36567 36571 36571 36572 36575 36575 36575 36582 36582 36582 36582 36582 36602 36602 36603 36603 36603 36604 36605 36605 36605 ask lease s.f. dollars 13.50 12.95 11.00 14.00 16.00 9.00 total advertised s.f. number 15,800 15,000 20,190 12,000 18,000 6,000 21,480 6,912 15.00 8.00 13.00 22.00 15.00 7.20 15.00 9.00 11.00 17.00 166,000 20,400 672 50,094 2,000 8,750 6,000 13,813 17.00 10.00 7,112 7.50 15.00 12.00 0.51 1.84 5.50 9,700 1,500 4,950 900 2,714 7.52 10.00 7.50 5.00 14,080 27,000 10 of 43 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 36606 36606 36606 36606 36606 36606 36606 36607 36608 36608 36608 36608 36608 36608 36608 36608 36608 36608 36608 36608 36608 36608 36608 36608 36608 36609 36609 36609 36609 36609 36609 36609 36609 36609 36611 36613 36617 36618 36618 36619 36619 36619 36619 36619 36693 36693 36693 36695 36695 36695 36695 94,390 101,111 10,557 6.00 25.00 7.00 4.18 14.00 14.50 12.00 8.00 18.00 11.00 15.00 11.00 7.00 6.75 25.00 20.50 11.50 11.00 12.00 21.00 12.00 12.00 5.00 13.00 5.00 7.50 4.00 3,500 15,000 20,000 47,251 8,400 87,834 53,332 23,679 3,000 525,505 525,505 37,280 60,519 15,017 2,850 15,000 4,885 4.50 5.00 17.00 19.00 21.00 7.00 11.50 2,379 12.00 35,000 27,000 6,700 17,000 14.00 14.00 76,364 5,100 11 of 43 91 92 93 94 95 36695 36695 36695 36695 36695 median properties reporting 113,940 1,750 25,250 1,390 14.50 18.50 11.00 12.50 12.00 69 15,000 55 Note: An average has been entered for lease rates reported as a range. 12 of 43 MARKET WATCH Table 3. Fall/Winter '06 & Spring '07, Retail Properties Mobile and Baldwin Advertised For Lease Calculated Vacancy Rate by Zipcode property number 1 zipcode total advertised s.f. advertised avail s.f. calculated vacancy rate number number number % 36507 15,800 5,200 32.91 2 3 4 5 6 36526 36526 36526 36526 36526 15,000 9,000 7,000 60.00 20,190 12,000 18,000 12,000 1,200 100.00 6.67 7 8 9 36527 36527 36527 6,000 21,480 11,920 3,000 21,480 50.00 100.00 10 11 12 36532 36532 36532 13 14 15 16 17 36535 36535 36535 36535 36535 166,000 20,400 672 50,094 18 36551 2,000 19 36567 20 21 36571 36571 22 36572 23 24 25 36575 36575 36575 26 27 28 29 30 36582 36582 36582 36582 36582 31 32 6,912 1,224 7,500 5,000 49,807 20,400 30.00 100.00 22,250 44.42 2,000 100.00 5,000 8,750 6,000 5,250 6,000 60.00 100.00 1,200 13,813 2,100 13,813 14,587 100.00 8,000 7,112 9,700 1,500 9,800 6,300 1,500 64.95 100.00 36602 36602 4,950 900 4,950 900 100.00 100.00 33 34 35 36603 36603 36603 2,714 26,447 2,714 2,714 100.00 36 36604 14,080 2,400 17.05 13 of 43 37 38 39 36605 36605 36605 5,475 10,328 40 41 42 43 44 45 46 36606 36606 36606 36606 36606 36606 36606 47 36607 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 36608 36608 36608 36608 36608 36608 36608 36608 36608 36608 36608 36608 36608 36608 36608 36608 36608 15,000 20,000 47,251 65 66 67 68 69 70 71 72 73 36609 36609 36609 36609 36609 36609 36609 36609 36609 525,505 525,505 74 36611 15,000 75 36613 4,885 76 36617 1,400 77 78 36618 36618 42,000 16,500 79 80 81 82 83 36619 36619 36619 36619 36619 84 85 36693 36693 27,000 94,390 101,111 10,557 3,500 45,022 3,500 2,500 3,300 100.00 2,800 8,400 2,400 1,400 2,000 2,500 8,400 5,625 16.00 7.00 100.00 87,834 53,332 23,679 3,000 37,280 60,519 15,017 2,850 3,000 68,883 1,200 1,800 156,300 10,379 100.00 140,000 140,000 20,179 26.64 26.64 15,017 2,850 100.00 100.00 9,000 9,800 65.33 2,379 2,379 54,796 2,732 2,379 100.00 35,000 27,000 4,850 1,500 13.86 5.56 14 of 43 86 36693 6,700 10,000 149.25 87 88 89 90 91 92 93 94 95 36695 36695 36695 36695 36695 36695 36695 36695 36695 17,000 3,300 19.41 1,700 33.33 1,750 14,250 1,390 1,200 100.00 56.44 100.00 total median properties reporting 76,364 5,100 113,940 1,750 25,250 1,390 2,417,555 15,000 55 1,128,440 5,100 74 Note: An average has been entered for lease rates reported as a range. 15 of 43 MARKET WATCH Table 4. Fall/Winter '06 & Spring '07 Retail Properties Mobile and Baldwin Masterfile of Retail Properties Advertised for Lease Mobile only source 1 1 1 1 id number number 1 2 3 4 date period months Fall/Wi Fall/Wi Fall/Wi Fall/Wi date year year 2006 2006 2006 2006 zipcode number 36571 36571 36572 36575 bldg name name Industrial Parkway Center Bowdoin Square Karo''s Alpha Village location address 710 Industrial Parkway - Hwy 158 705 Highway 43 215 Hwy 43 7941 Moffett Road 1 3 1 1 1 1 1 1 1 1 5 85 6 7 8 9 10 11 12 13 Fall/Wi Mar. Fall/Wi Fall/Wi Fall/Wi Fall/Wi Fall/Wi Fall/Wi Fall/Wi Fall/Wi 2006 2007 2006 2006 2006 2006 2006 2006 2006 2006 36575 36575 36582 36582 36582 36582 36582 36602 36602 36603 Former Eckerd's Building Forum Shops Olympic Plaza Jackson Square Island Road Shopping Center Bellingrath Cross Roads 5891 Highway 90 Downtown Retail/Apartments Former Subway Former Winn Dixie 9150 Moffett Road 7855 Moffett Road 7251 Theodore Dawes Road Highway 90 5827 Highway 90 West 6941 Bellingrath Road 5891 Highway 90 205 Dauphin Street 201 Dauphin Street 6350 Cottage Hill Rd. 1 3 14 80 Fall/Wi Mar. 2006 2007 36603 36603 S&L 1200 S. Broad St. 1200 Broad St 1 3 1 1 1 1 1 1 1 1 3 3 1 1 1 1 15 93 16 17 18 19 20 21 22 23 78 79 24 25 26 27 Fall/Wi Feb. Fall/Wi Fall/Wi Fall/Wi Fall/Wi Fall/Wi Fall/Wi Fall/Wi Fall/Wi Feb. Feb. Fall/Wi Fall/Wi Fall/Wi Fall/Wi 2006 2007 2006 2006 2006 2006 2006 2006 2006 2006 2007 2007 2006 2006 2006 2006 36604 36604 36605 36605 36605 36606 36606 36606 36606 36606 36606 36606 36607 36608 36608 36608 1365 Government Blvd 1365 Government St. 2466 Dauphin Island Parkway 1924-B Dauphin Island Parkway 2912 Dauphin Island Parkway Dauphin Street Dauphin Street 2492-2498 Government Boulevard 3250 Airport Boulevard 3156 Airport Boulevard 2106 Airport Blvd. 138 S. Sage Avenue Old Shell Road 4027 Airport Blvd. 7335 Airport Blvd I-65 & Springhill Ave. 1365 Government St. Former Advanced Auto Fulbrook Dauphin Plaza Dauphin Square Midtown Mart 2492-2498 Government Boulevard Springdale Mall Hooters Glen Air 138 S. Sage Avenue Ashland Station LensCrafters Retail Center Airwest Retail Center Springhill Plaza yr blt yr reno no. floors prking year year number number 2005 Free Free 2007 2005 Free 2004 1 Free 1 1 1943 1966 1966 Free Free Free Free 1970 Leased 1955 1987 1993 1974 1993 2001 1995 Free Free Free 16 of 43 total s.f. price s.f. avail s.f. smal contigous lgst contigous number dollars number number number 8,750 15 5,250 1,500 6,000 9 6,000 3,000 6,000 11 1,200 1,200 1,200 17 2,100 1,050 2,100 13,813 17 10 13,813 14,587 8,000 7.5 15 12 0.51 1.84 5.5 9,800 6,300 1,500 4,950 900 26,447 7.52 2,714 2,714 10 10 7.5 5 2,400 2,180 5,475 10,328 6 25 7 4.18 14 14.5 12 8 45,022 3,500 2,500 3,300 2,800 2,400 1,400 1,560 1,000 13,813 11,218 8,000 7,112 9,700 1,500 4,950 900 2,714 14,080 9,800 1,200 1,500 4,950 900 9,800 1,500 4,950 900 880 880 1,500 1,300 1,382 10,328 45,022 3,500 45,022 3,500 2,200 2,400 1,400 2,800 9,000 4,500 27,000 94,390 101,111 10,557 3,500 15,000 20,000 47,251 company name Merrill P. Thomas Co., Inc. Cummings & Associates, Inc. Saad & Vallas Realty Group, LLC Saad & Vallas Realty Group, LLC The Shopping Center Group, LLC Gulf Coast Saad & Vallas Realty Group, LLC Saad & Vallas Realty Group, LLC Cummings & Associates, Inc. Peebles & Cameron, L.L.C. Merrill P. Thomas Co., Inc. Saad & Vallas Realty Group, LLC Peebles & Cameron, L.L.C. Peebles & Cameron, L.L.C. The Mitchell Company, Inc. Prudential Cooper & Co., Inc. Commercial Division Shoultz Real Estate Prudential Cooper & Co., Inc. Commercial Division Prudential Cooper & Co., Inc. The Mitchell Company, Inc. Saad & Vallas Realty Group, LLC Cummings & Associates, Inc. Cummings & Associates, Inc. Cummings & Associates, Inc. Cummings & Associates, Inc. Saad & Vallas Realty Group, LLC Delaney Development Catranis Enterprises Gleason and Associates, Inc. Saad & Vallas Realty Group, LLC Stein Investments, Inc. Stein Investments, Inc. Folmar & Associates agent name John Delchamps Matt Cummings Christie Amezquita Christie Amezquita email address JohnDelchamps@aol.com matt@cummingsassoc.com camezquita@saad.com camezquita@saad.com Spencer Akin Christie Amezquita Christie Amezquita Marl Cummings IV Scotty Wells John Delchamps Cher Cooper Scotty Wells Scotty Wells Ronnie Johnson SpencerA@theshoppingcentergroup.com camezquita@saad.com marl4@cummingsassoc.com swells@peeblesandcameron.com JohnDelchamps@aol.com ccooper@saad.com swells@peeblesandcameron.com swells@peeblesandcameron.com rjohnson@mitchellcompany.com Michael Shoultz Michael Shoultz michaelshoultz@prucooper.com Angela McArthur Angela McArthur Ronnie Johnson Joseph McCullough Marl Cummings IV Matt Cummings Marl Cummings IV Matt Cummings John Vallas, Jr. Terry McKinney Nick Catranis Tommy Gleason Christie Amezquita David Stein David Stein Curtis Wilson aminala@concentric.net rjohnson@mitchellcompany.com jmccullough@saad.com marl4@cummingsassoc.com matt@cummingsassoc.com marl4@cummingsassoc.com matt@cummingsassoc.com jvallas@saad.com terrym@delaneyinc.net camezquita@saad.com Steininv@aol.com Steininv@aol.com folmar2@comcast.net 17 of 43 1 1 1 1 1 1 1 1 1 3 3 3 3 3 1 1 1 1 1 1 1 3 3 1 1 1 1 3 1 1 3 3 3 1 1 1 1 28 29 30 31 32 33 34 35 36 77 82 83 90 92 37 38 39 40 41 42 43 87 89 44 45 46 47 94 48 49 86 88 91 50 51 52 53 Fall/Wi Fall/Wi Fall/Wi Fall/Wi Fall/Wi Fall/Wi Fall/Wi Fall/Wi Fall/Wi Feb. Feb. Feb. Mar. Mar. Fall/Wi Fall/Wi Fall/Wi Fall/Wi Fall/Wi Fall/Wi Fall/Wi Feb. Mar. Fall/Wi Fall/Wi Fall/Wi Fall/Wi Feb. Fall/Wi Fall/Wi Mar. Mar. Mar. Fall/Wi Fall/Wi Fall/Wi Fall/Wi 2006 2006 2006 2006 2006 2006 2006 2006 2006 2007 2007 2007 2007 2007 2006 2006 2006 2006 2006 2006 2006 2007 2007 2006 2006 2006 2006 2007 2006 2006 2007 2007 2007 2006 2006 2006 2006 36608 36608 36608 36608 36608 36608 36608 36608 36608 36608 36608 36608 36608 36608 36609 36609 36609 36609 36609 36609 36609 36609 36609 36611 36613 36617 36618 36618 36619 36619 36619 36619 36619 36693 36693 36693 36695 Former Jiffy Lube Baker-West Retail Center University Square Shopping Center Mosley's Strip Center Westgate Shopping Center 4658 Airport Boulevard Llanfair Place University Village Providence Plaza McGregor Square ABC Store Dollar General Springhill Festival Centre Shoppes at Springdale Mobile Festival Centre Mobile Festival Centre Regency Square Shopping Center Pleasant Valley Shopping Center Regency Square Gateway Center Tillman's Square Government Warehouse/Retail Wildwood Place Shopping Center Chickasaw Shopping Center Eight Mile Shopping Center St. Stephens Square Park Forest Shopping Center Overlook Shopping Center Andrews Plaza Tillman's Corner 6808 Airport Blvd 9120 Airport Blvd. 6501 Old Shell Road 4674 Airport Blvd 7156 Airport Boulevard 4658 Airport Boulevard 3750 Airport Boulevard Old Shell Road Airport Boulevard 3930 Airport Blvd. 4625 Springhill Ave 4690 Springhill Ave 3725 Airport Blvd 171 E I-65 Beltline Rd Lowtill Plaza Shoppes at Rangeline Skyline Plaza Shopping ctr. Auto Avenue Gulas Antique Building Hillcrest Retail Center 306 S. University Boulevard Government Boulevard Airport Boulevard 1201 Montlimar Drive Highway 90 4128 Government Blvd. 4055 Cottage Hill Road S. Craft Highway St. Stephens Road 2312 St. Stephens Road 4725 Moffett Road 5304 Overlook Rd at Moffett Road Highway 90 - Tillmans Corner 4419 Rangeline Road 5441 Highway 90 West 5319 US Hwy 90 W, Ste. A 5441 US Hwy 90 W 4122/4124 Government Blvd. 3747 Government Boulevard 3750 Government Street 1261 Hillcrest Road 1 1 1 1 54 55 56 57 Fall/Wi Fall/Wi Fall/Wi Fall/Wi 2006 2006 2006 2006 36695 36695 36695 36695 3354 Cottage Hill Road Hillcrest Shopping Center Schillinger Commercial Center Hillcrest Plaza 3354 Cottage Hill Rd Corner of Hillcrest Rd. and Grelot Rd. 1020 Schillinger Rd. S. Hillcrest Road 1 58 Fall/Wi 2006 36695 1234-A Hillcrest Rd 2000 1 1 3 59 60 81 Fall/Wi Fall/Wi Feb. 2006 2006 2007 36695 Palmetto Place Shopping Center 36695 Piccadilly Square 36695 Dollar General 960 S Schillinger Rd 6321 Piccadilly Square Drive 3440 Hillcrest Road 2004 2004 2004 Free Free Free Free Free Free 2006 1994 2007 2007 1 2005 1985 1985 75 Free Free Free Free 1 Free Free 1998 1970 1986 1995 Free Free Free 2004 2004 1975 1997 2003 1 95 Free 2003 1 Free Free Free Free Free 1 Free 2007 18 of 43 8,400 87,834 53,332 23,679 3,000 525,505 525,505 37,280 60,519 15,017 2,850 18 11 15 11 7 6.75 2,000 2,500 8,400 5,625 25 20.5 11.5 11 12 21 12 12 5 3,000 68,883 1,200 1,800 156,300 10,379 140,000 140,000 20,179 1,500 13,240 13 15,017 2,850 1,407 1,750 10,000 1,000 1,200 1,875 6,300 2,500 1,000 1,000 20,179 5 7.5 4 9,000 9,800 4.5 5 1,400 42,000 16,500 1,200 17 Negotiable 19 21 35,000 7 27,000 11.5 6,700 17,000 12 2,379 54,796 2,732 2,379 4,850 1,500 10,000 3,300 1,200 850 15,000 4,885 2,379 6,700 3,300 76,364 5,100 113,940 14 14 1,700 1,700 1,750 14.5 1,750 1,750 25,250 1,390 18.5 11 12.5 14,250 1,390 1,200 1,750 1,390 The Mitchell Company, Inc. 15,000 Stein Investments, Inc. 8,400 Merrill P. Thomas Co., Inc. 5,625 NAI Heggeman Realty Co., Inc. Cummings & Associates, Inc. Cummings & Associates, Inc. Cummings & Associates, Inc. Cummings & Associates, Inc. 3,000 Saad & Vallas Realty Group, LLC 21,678 Retail Management Group Watson Realty, Inc. Watson Realty, Inc. 150,000 Staubach 10,379 Prudential Cooper & Co., Inc. 60,000 Gleason and Associates, Inc. 60,000 Gleason and Associates, Inc. 20,179 Merrill P. Thomas Co., Inc. Cummings & Associates, Inc. Cummings & Associates, Inc. 5,197 Peebles & Cameron, L.L.C. 2,850 Cummings & Associates, Inc. 35,000 Praytor Properties LLC Grubb&Ellis Delaney Development Cummings & Associates, Inc. Cummings & Associates, Inc. 42,000 Saad & Vallas Realty Group, LLC Property Management Group Cummings & Associates, Inc. Peebles & Cameron, L.L.C. NAI Mark S Bounds Realty Partners Saad & Vallas Realty Group, LLC 2,379 Land Capital Group, Inc 4,000 Bay Area Properties, LLC Metcalfe & Company, Inc. 10,000 Saad & Vallas Realty Group, LLC 8,000 Stein Investments, Inc. Roberts Brothers Commercial & Property Management, Inc. Engel Realty Company, Inc. 1,700 Cumbest Properties, Inc. Cummings & Associates, Inc. Prudential Cooper & Co., Inc. 1,750 Commercial Division Prudential Cooper & Co., Inc. 5,250 Commercial Division 1,390 Saad & Vallas Realty Group, LLC Watson Realty, Inc. Ronnie Johnson rjohnson@mitchellcompany.com David Stein Steininv@aol.com John Delchamps JohnDelchamps@aol.com Marietta Urquhart murquhart@heggeman.com Matt Cummings matt@cummingsassoc.com Burton Clark burton@cummingsassoc.com Marl Cummings IV marl4@cummingsassoc.com Marl Cummings IV marl4@cummingsassoc.com Christie Amezquita camezquita@saad.com David Dexter Ralph Neal Ralph Neal Josh Burmeister Angela McArthur Tommy Gleason Jr. Tommygleasonjr@gleasonassociates.com Tommy Gleason Jr. Tommygleasonjr@gleasonassociates.com John Delchamps JohnDelchamps@aol.com Marl Cummings IV marl4@cummingsassoc.com Matt Cummings matt@cummingsassoc.com Scotty Wells swells@peeblesandcameron.com Matt Cummings matt@cummingsassoc.com Tommy Praytor, CCIM Scotty Wells, Ccim, CP Terry McKinney terrym@delaneyinc.net Matt Cummings matt@cummingsassoc.com Matt Cummings matt@cummingsassoc.com Joseph McCullough jmccullough@saad.com Jeff Laufer Matt Cummings matt@cummingsassoc.com Scotty Wells swells@peeblesandcameron.com Mark Bounds Christie Amezquita Michelle Kirkwood Rick Colllins, Jr. rickproperty@aol.com Adam Metcalfe adam@metcalfeco.com Cher Cooper ccooper@saad.com David Stein Steininv@aol.com David Roberts, Jr. Dan Anderson Brent Cumbest Matt Cummings droberts@robertsbrotherscpm.com danderson@engelrealty.com brent@cumbestproperties.com matt@cummingsassoc.com Angela McArthur aminala@concentric.net Angela McArthur Christie Amezquita Ralph Neal aminala@concentric.net camezquita@saad.com 19 of 43 Baldwin only source id number number date period months date year year 1 1 1 1 61 62 63 64 Fall/Wi Fall/Wi Fall/Wi Fall/Wi 2006 2006 2006 2006 36507 36526 36526 36526 Chamber Plaza Colonial Plaza Shopping Center Former Advanced Auto Jubilee Plaza 201 Chamber Drive 1410 US Hwy 98 7241 Highway 98 Highway 90 1 1 1 1 5 1 3 3 1 1 65 66 67 68 76 69 82 84 70 71 Fall/Wi Fall/Wi Fall/Wi Fall/Wi Fall/Wi Mar. Mar. Fall/Wi Fall/Wi 2006 2006 2006 2006 2006 2006 2007 2007 2006 2006 36526 36526 36527 36527 36527 36532 36532 36532 36535 36535 Former Eckerd's Building Daphne Square Shopping Center Spanish Fort Centers Neighborhood Retail Center in Spanish Fort Office Depot Building 403 - 409 Fairhope Avenue 70 S Section St - #1 North Section Street Executive Center Former Food World 1801 Hwy 98 2200 Highway 98 Hwy 98 @ Hwy 90 10073 US HWY 31 6935 U. S. Hwy 90 403-409 Fairhope Avenue 70 S Section St - #1 North Section Street 600 S. McKenzie Street 1200 South McKenzie Street 1 72 Fall/Wi 2006 36535 Foley Plaza Hwy 59 & 9th 1 2 1 3 73 75 74 83 Fall/Wi 2006 2006 2006 2007 36535 36535 Gallery Fifty Nine 36551 5700 North Magnolia Street 36567 22323 Hwy 59 2325 N. McKenzie St. 2050 S. McKenzie Street 5700 North Magnolia Street 22323 Hwy 59 Fall/Wi Mar. zipcode number bldg name name location address yr blt year yr reno no. floors prking year number number 2006 1996 Free Free Free 1999 Free 2005 1 125 Free 1998 2000 Free Free 2006 1 Free 20 of 43 total s.f. price s.f. avail s.f. number number dollars 15,800 15,000 13.5 12.95 11 smal cont number lgst cont number 5,200 9,000 7,000 1,300 1,500 3,900 4,500 12,000 1,200 11,920 3,000 21,480 1,200 12,000 620 1,500 6,000 3,000 20,190 12,000 18,000 6,000 21,480 6,912 14 16 9 15 8 13 166,000 1,224 7,500 5,000 49,807 2,500 49,807 5,000 49,807 20,400 20,400 1,600 20,400 22,250 2,000 5,000 1,875 2,000 12,000 2,000 672 50,094 2,000 22 15 7.2 company name White-Spunner and Associates, Inc.Baldwin Co. Fleetwood T. Lane Properties The Mitchell Company, Inc. Cummings & Associates, Inc. The Shopping Center Group, LLC Gulf Coast Merrill P. Thomas Co., Inc. Saad & Vallas Realty Group, LLC NAI Heggeman Realty Co., Inc. edpa.org Cummings & Associates, Inc. J. Barrons, LLC - Commercial White-Spunner and Associates, Inc. Saad & Vallas Realty Group, LLC The Shopping Center Group, LLC The Shopping Center Group, LLC Gulf Coast Coldwell Banker Commercial JME Realty - Alabama Landel Realty, LLC Saad & Vallas Realty Group, LLC Century 21 Commercial agent name email address Jeremy B. Milling Fleetwood Lane Ronnie Johnson Matt Cummings jeremy@white-spunnerassoc.com ftlane@bellsouth.net rjohnson@mitchellcompany.com matt@cummingsassoc.com Spencer Akin John Delchamps Christie Amezquita Marietta Urquhart SpencerA@theshoppingcentergroup.com JohnDelchamps@aol.com camezquita@saad.com murquhart@heggeman.com Matt Cummings Haran Hunter Pat Taylor Joseph McCullough Will Akin matt@cummingsassoc.com jmccullough@saad.com willa@theshoppingcentergroup.com Spencer Akin SpencerA@theshoppingcentergroup.com Brien Griggers jmcpherson@jmerealty.com William W. Hyatt, CCI wwhyatt7@bellsouth.net Cher Cooper ccooper@saad.com Peggy Bolton 21 of 43 MARKET WATCH Table 5. Fall/Winter '06 & Spring '07, Retail Properties Mobile and Baldwin Advertised For Lease Asking Lease Rate per S.F. by Zipcode (Lots only) property number 1 median properties reporting zipcode number 36535 asking lease s.f. total advertised s.f. dollars number 0.40 75,000 0.40 1 75,000 1 22 of 43 Table 6. MARKET WATCH Fall/Winter '06 & Spring '07, Retail Properties Mobile and Baldwin Advertised For Lease Calculated Vacancy Rate by Zipcode (Lots only) property number 1 median properties reporting zipcode total advertised s.f. advertised avail s.f. calculated vacancy rate number number number % 36535 75,000 75,000 100 75,000 1 75,000 1 23 of 43 MARKET WATCH Table 7. Fall/Winter '06 & Spring '07 Retail Properties Mobile and Baldwin Masterfile of Retail Properties Advertised for Lease (Lots only) Baldwin only source 3 id number number 84 date period date year zipcode bldg name months year number name Mar. 2007 36535 Cinema out parcel location address 110 Rivera Blvd yr blt year yr reno no. floors prking year number number 24 of 43 total s.f. price s.f. avail s.f. number dollars number 75,000 0.40 75,000 smal cont number lgst cont number company name Grubb&Ellis agent name Debra Price email address 25 of 43 MARKET WATCH Table 8. Fall/Winter '06 & Spring '07, Retail Properties Mobile and Baldwin Advertised For Sale Advertised Sales Price per S.F. by Zipcode property number 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 zipcode number 36507 36507 36507 36509 36523 36526 36526 36526 36526 36526 36527 36532 36532 36532 36532 36532 36532 36535 36535 36535 36535 36535 36541 36542 36542 36544 36551 36561 36561 36561 36567 36567 36567 36567 36567 36571 36571 36571 36571 36575 sales price dollars 249,900 1,800,000 3,175,000 625,000.00 4,500,000 1,250,000 750,000 2,425,000 2,425,000 895,000 3,800,000 545,000 1,100,000 342,700 550,000 1,100,000 2,800,000 2,500,000 239,900 1,925,000 335,000 950,000 66,080.00 1,150,000 1,000,000 744,000.00 260,000 685,000 46,000,000 595,000 325,000 1,500,000 1,185,000 4,595,000 1,500,000 450,000.00 285,000.00 4,090,933.00 1,500,000.00 320,000.00 bldg. s.f. number 5,000 44,000 9,014 51,488 5,118 7,728 3,500 1,224 2,340 2,600 22,000 14,000 1,393 5,970 1,919 8,600 1,148 9,014 980 6,000 500,000 3,600 9,000 6,000 12,232 9,000 6,838 91,162 6,753 26 of 43 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 36575 36575 36575 36582 36602 36602 36602 36602 36602 36602 36604 36604 36604 36605 36606 36606 36606 36606 36606 36606 36607 36607 36607 36608 36608 36608 36608 36608 36608 36608 36609 36609 36609 36609 36609 36609 36610 36611 36613 36617 36618 36618 36618 36619 36619 36619 36619 36619 36693 36695 36695 325,000.00 1,796,850.00 400,000.00 325,000.00 400,000.00 395,000.00 1,200,000.00 250,000.00 275,000.00 1,250,000.00 59,900.00 1,250,000.00 389,000.00 325,000.00 675,000.00 1,295,000.00 650,000.00 575,000.00 230,000.00 1,285,000.00 90,000.00 135,000.00 1,125,000.00 350,000.00 1,300,000.00 1,100 8,900 11,644 5,670 6,244 58,500 77,095 7,700 5,275 15,000 6,800 1,550 5,580 1,500 47,260 1,260 16,000 200,000.00 450,000.00 1,491,111.00 725,000.00 383,760.00 350,000.00 4,000,000.00 750,000.00 1,645,000.00 1,775,000.00 475,000.00 85,000.00 60,000.00 350,000.00 800,000.00 475,000.00 441,045.00 592,000.00 264,000.00 700,000.00 1,012,000.00 1,300,000.00 325,000.00 5,900,000.00 2,200 3,000 1,889 10,269 392,040 3,630 1,290 7,728 6,000 6,000 5,000 3,200 27 of 43 92 93 94 95 96 97 98 99 100 101 102 36695 36695 36695 36695 36695 36695 36695 36695 36695 36695 366936 median properties reporting 485,330.00 980,000.00 630,000.00 995,000.00 325,000.00 450,000.00 379,900.00 325,000.00 1,900,000.00 600,000.00 275,000.00 $ 640,000 100 8,000 2,400 6,000 $ 6,000 61 28 of 43 MARKET WATCH Table 9. Fall/Winter '06 & Spring '07, Retail Properties Baldwin and Mobile Advertised for Sale Calculated Sales Price per S.F. by Zipcode property number zipcode sales price number dollars 1 36507 249,900 2 36507 1,800,000 3 36507 3,175,000 site s.f. bldg. s.f. number number 52,272 87,120 5,000 234,788 44,000 calculated sales price per bldg s.f. dollars calculated sales price per site s.f. dollars 4.78 360.00 20.66 72.16 13.52 4 36509 625,000.00 9,014 69.34 5 36523 4,500,000 51,488 87.40 6 7 8 9 10 36526 36526 36526 36526 36526 1,250,000 750,000 2,425,000 2,425,000 895,000 141,570 117,612 104,544 104,544 94,090 5,118 146.54 11 36527 3,800,000 39,204 7,728 491.72 96.93 12 13 14 15 16 17 36532 36532 36532 36532 36532 36532 545,000 1,100,000 342,700 550,000 1,100,000 2,800,000 87,120 3,500 155.71 6.26 1,224 2,340 2,600 22,000 279.98 235.04 423.08 127.27 18 19 20 21 22 36535 36535 36535 36535 36535 2,500,000 239,900 1,925,000 335,000 950,000 14,000 1,393 5,970 1,919 8,600 178.57 172.22 322.45 174.57 110.47 23 36541 66,080.00 425,145.60 24 25 36542 36542 1,150,000 1,000,000 653,400 26 36544 744,000.00 43,560.00 27 36551 260,000 28 29 30 36561 36561 36561 685,000 46,000,000 595,000 31 32 33 34 35 36567 36567 36567 36567 36567 325,000 1,500,000 1,185,000 4,595,000 1,500,000 20,473 261,360 39,600 47,480 261,360 36 37 38 36571 450,000.00 36571 285,000.00 36571 4,090,933.00 348,480.00 19,329 121,968 126,324 62,133 23,958 23,700 8.83 6.38 23.20 23.20 9.51 28.45 22.96 19.79 30.98 13.98 40.08 0.16 1.76 1,148 871.08 9,014 82.54 17.08 42,253 980 265.31 6.15 217,800 6,000 500,000 3,600 114.17 92.00 165.28 211.20 9,000 6,000 12,232 9,000 166.67 197.50 375.65 166.67 6,838 65.81 91,162 44.88 15.87 5.74 29.92 96.78 5.74 11.74 29 of 43 39 36571 1,500,000.00 40 41 42 43 36575 320,000.00 85,813.20 36575 325,000.00 56,628.00 36575 1,796,850.00 143,748.00 36575 400,000.00 38,333.00 222.12 33.33 1,100 363.64 3.73 5.74 12.50 10.43 44 36582 8,900 36.52 7.11 45 46 47 48 49 50 36602 400,000.00 36602 395,000.00 36602 1,200,000.00 36602 250,000.00 36602 275,000.00 36602 1,250,000.00 11,644 5,670 6,244 58,500 103.06 44.09 44.04 21.37 51 52 53 36604 59,900.00 36604 1,250,000.00 36604 389,000.00 77,095 7,700 16.21 50.52 54 36605 55 56 57 58 59 60 36606 675,000.00 36606 1,295,000.00 36606 650,000.00 36606 575,000.00 36606 230,000.00 36606 1,285,000.00 5,275 15,000 127.96 86.33 12,500.00 43,560.00 6,800 1,550 5,580 84.56 148.39 230.29 18.40 29.50 61 62 63 36607 90,000.00 36607 135,000.00 36607 1,125,000.00 130,680.00 1,500 47,260 90.00 23.80 8.61 64 65 66 67 68 69 70 36608 350,000.00 36608 1,300,000.00 36608 36608 200,000.00 36608 450,000.00 36608 1,491,111.00 36608 725,000.00 1,260 277.78 71 72 73 74 75 76 36609 383,760.00 36609 36609 350,000.00 36609 4,000,000.00 36609 750,000.00 36609 1,645,000.00 13,068.00 87,120.00 67,518.00 1,889 10,269 397.04 160.19 24.36 77 36610 1,775,000.00 66,677.00 392,040 4.53 26.62 78 36611 475,000.00 3,630 130.85 79 36613 85,000.00 1,290 65.89 80 36617 60,000.00 7,728 7.76 81 82 83 36618 36618 36618 350,000.00 800,000.00 475,000.00 6,000 58.33 6,000 79.17 84 85 86 87 88 36619 441,045.00 196,020.00 36619 592,000.00 59,241.60 36619 264,000.00 52,707.60 36619 700,000.00 36619 1,012,000.00 38,441.00 325,000.00 45,000.00 45,738.00 6,753 7,925.00 28,314.00 49.84 13.74 325,000.00 33,976.80 87,120.00 87,120.00 17,859.60 42,688.80 10,890.00 18,000.00 9,147.60 39,758.80 54,450.00 38.11 7.46 16,000 2,200 3,000 677.78 241.67 11.20 10.54 136.92 40.28 26.78 45.91 9.29 20.12 8.72 2.25 9.99 5.01 5,000 3,200 140.00 316.25 26.33 30 of 43 89 36693 1,300,000.00 200,376.00 6.49 90 91 92 93 94 95 96 97 98 99 100 101 102 36695 325,000.00 34,848.00 36695 5,900,000.00 174,240.00 36695 485,330.00 36695 980,000.00 217,800.00 36695 630,000.00 304,920.00 36695 995,000.00 69,696.00 36695 325,000.00 27,442.80 36695 450,000.00 36695 379,900.00 126,324.00 36695 325,000.00 21,780.00 36695 1,900,000.00 72,309.60 36695 600,000.00 36693 275,000.00 13,000.00 9.33 33.86 median $ properties reporting median sales price median sales price 640,000 100 59,241.60 67 4.50 2.07 14.28 11.84 8,000 47.49 2,400 6,000 250.00 45.83 6,000 61 3.01 14.92 26.28 21.15 . 60 $ 66 135.43 $ 13.86 31 of 43 MARKET WATCH Table 10. Fall/Winter '06 & Spring '07, Retail Property Mobile and Baldwin Masterfile of Retail Properties Advertised for Sale Mobile only source id number date period number months 3 79 Mar. date year zipcode year number 2007 36509 Family Dollar bldg name name location address 13115 N Wentzell Ave 1 3 1 1 Fall/Wi 80 Mar. 2 Fall/Wi 2006 2007 2006 36541 36544 Dollar General 36571 Former Advanced Auto Fernland Rd 9145 County Hwy 19 181 Highway 43 1 3 3 1 1 3 62 72 4 5 Fall/Wi Mar. Feb. Fall/Wi Fall/Wi 2006 2007 2007 2006 2006 36571 36571 36571 36575 36575 207 Highway 43 South 727 US Hwy 43 South 927 Hwy 43 South McCrary Road McCrary Road 1 6 Fall/Wi 2006 36575 Moffett Road 7943 7943-7955 Moffett Road 3 3 1 69 Mar. 75 Feb. 7 Fall/Wi 2007 2007 2006 1350 Schillinger Road N. 6350 Hwy. 90 West 101 N. Conception St 1 1 8 Fall/Wi 9 Fall/Wi 2006 2006 36575 Conoco Gas/Convenience Store 36582 36602 101 N. CONCEPTION STREET Former 462 Dauphin Street and 36602 G.T. Henryís 36602 Old Lerner Dept. Store Building 2007 2007 2007 2006 2007 2007 2006 2006 2006 2006 2007 2007 36602 36602 36602 36604 36604 36604 36605 36606 36606 36606 36606 36606 3 3 3 1 3 3 1 1 1 1 3 3 66 78 82 10 63 77 11 12 13 14 74 76 Mar. Mar. Feb. Fall/Wi Mar. Feb. Fall/Wi Fall/Wi Fall/Wi Fall/Wi Feb. Feb. Wal-Mart (Dark) Charles Barnhills Semmes Market Place Outparcel Semmes Market Place Outparcel St. Emanuel Street Kress Building 455 Broad St NE Corner Airport & Cody Mobile Furniture Outlet 355-365 Williams Street Rousso's Restaurant VFW Post 49 The Joker space avail number 462 Dauphin Street 157 Dauphin Street 101, 103 Conception St & 202 St Michael St 10 St. Emanuel Street 115 Dauphin Street 455 Broad St 7080 Airport Blvd. 1301 Virginia Street 2500 Dauphin Island Parkway 355-365 Williams Street 166 S. Royal Street 2222 Dauphin Island Parkway 2400 Airport Blvd. 308 & 310 Glenwood St 32 of 43 sales price dollars 625,000.00 66,080.00 744,000.00 450,000.00 site s.f. number 425,145.60 43,560.00 285,000.00 4,090,933.00 1,500,000.00 320,000.00 325,000.00 348,480.00 45,000.00 85,813.20 56,628.00 1,796,850.00 143,748.00 400,000.00 325,000.00 400,000.00 38,333.00 45,738.00 395,000.00 1,200,000.00 7,925.00 250,000.00 275,000.00 1,250,000.00 59,900.00 1,250,000.00 389,000.00 325,000.00 675,000.00 1,295,000.00 650,000.00 575,000.00 230,000.00 28,314.00 33,976.80 87,120.00 12,500.00 bldg. s.f. company number name 9,014 GumboSpoon, LLC Prudential Cooper & Co., Inc. Commercial Division 9,014 Reis Commercial 6,838 The Mitchell Company, Inc. Prudential Cooper & Co., Inc Commercial Division 91,162 CBRE CB Richard Ellis 6,753 Grubb & Ellis Watson Realty, Inc. Watson Realty, Inc. Coldwell Banker JME Realty Mobile Coldwell Banker Commercia 1,100 JME Realty 8,900 Prudential Cooper & Co., Inc. Peebles & Cameron, L.L.C. agent name Ron Ladner David Cooper Bill Weitzenkorn Ronnie Johnson email address davidcooper@prucooper.com rjohnson@mitchellcompany.com michaelshoultz@prucooper.com telephone number (228) 223-8250 (251) 639-4007 (678) 880-3272 (251) 380-2929 Michael Shoultz Gregory Dalton Debra Price Michael Holland Michael Holland micsid1@aol.com micsid1@aol.com (251) 639-4007 (916) 781-4816 (251) 438-4312 (251)-602-1403 (251)-602-1403 Don Parden donparden1@msn.com (251)-554-1941 Don Parden David Cooper John Peebles jpeebles@peeblesandcameron.com (251) 554-1941 (251) 639-4007 (251) 438-4312 Peebles & Cameron, L.L.C. 11,644 Cunningham Foley & Barnes John Fillingim LaSha Powell jfillingim@peeblescameron.com lpowell@cfbre.com (251)-438-4312 (251) 943-2256 5,670 Grubb & Ellis 6,244 Cunningham Foley & Barnes 58,500 Cummings & Associates, Inc. Dauphin Realty of Baldwin County 77,095 Grubb & Ellis 7,700 Prudential Cooper & Co., Inc. Cummings & Associates, Inc. 5,275 Saad & Vallas Realty Group, LLC 15,000 Watson Realty, Inc. Coldwell Banker JME Realty - Mobile 6,800 Keller Williams 1,550 Coldwell Banker Commercial Debra Price LaSha Powell Marl M. Cummings George Kennedy Debra Price Angela McArthur Matt Cummings Gregory Saad, CCIM Michael Holland Don Parden Frank Peoples Harry Brown georgekennedy@dauphinrealty.com matt@cummingsassoc.com gregsaad@saad.com micsid1@aol.com donparden1@msn.com (251) 438-4312 (251) 943-5989 (251) 476-6000 (251) 479-1314 (251) 438-4312 (251) 639-4007 (251) 476-6000 (251) 478-7223 (251)-602-1403 (251)-554-1941 (251) 344-7699 (251) 626-1970 33 of 43 3 1 3 3 84 15 71 81 Feb. Fall/Wi Jan. Feb. 2007 2006 2007 2007 36606 36607 36607 36607 Hollywood Video Crichton Property Moffat Road 952 Beltline Hwy 3065 Springhill Avenue 2814 Spring Hill Ave 3351 Moffat Rd 952 Beltline Hwy 1 1 1 1 1 3 3 16 17 18 19 20 61 64 Fall/Wi Fall/Wi Fall/Wi Fall/Wi Fall/Wi Mar. Feb. 2006 2006 2006 2006 2006 2007 2007 36608 36608 36608 36608 36608 36608 36608 Schillinger Victoria Place 5450 Zeigler Blvd., Mobile AL 5454 Zeigler Blvd., Mobile AL Starbucks Godfathers Pizza Out-parcel on Grelot & Hillcrest Center Cottage Hill at University Property Green Leaf Deli Wildwood Place Shopping Center 7008 Howells Ferry Rd 1280 N. Schillinger Road 951 Schillinger Road 5450 Zeigler Blvd. 5454 Zeigler Blvd. 4401 Old Shell Road 6151 Airport Blvd Hillcrest/ Grelot Shopping Center Cottage Hill Road 1432 Hillcrest Rd 4055 Cottage Hill 1 1 1 1 21 22 23 24 Fall/Wi Fall/Wi Fall/Wi Fall/Wi 2006 2006 2006 2006 36609 36609 36609 36609 1 3 3 25 Fall/Wi 68 Mar. 70 Jan. 2006 2007 2007 3701 Cottage Hill Rd. 710 Downtowner Loop West 1081 North Bessemer Avenue 1 26 Fall/Wi 2006 36609 Restaurant - Free Standing Bldg 36609 Chuck E Cheese 36610 Northside Plaza Restaurant and Fresh Market 36611 on Busy Street 1 27 Fall/Wi 2006 36613 Retail / Office St. Stephens Road 4804 St. Stephens Road 1 28 Fall/Wi 2006 36617 5 Unit Retail Shopping Center 621 Dr. Thomas Ave. N. 1 1 3 29 Fall/Wi 30 Fall/Wi 67 Mar. 2006 2006 2007 4125 Moffett Road 5568 MOFFETT ROAD 4103 Moffett Road 1 31 Fall/Wi 2006 36618 Restaurant 36618 CAR WASH/OIL CHANGE FACILITY 36618 Criswell Refinishing 4.5 Acre Site For Sale 36619 on Gunn Rd! 1 32 Fall/Wi 2006 7825 Three Notch Rd 1 3 33 Fall/Wi 73 Mar. 2006 2007 36619 Corner Retail Site For Sale Development Opportunity 36619 Schillinger Rd Extension 36619 7601 Three Notch Road 3 83 Feb. 2007 5536 Inn Road 1 1 1 34 Fall/Wi 35 Fall/Wi 36 Fall/Wi 2006 2006 2006 36619 Arby's 4.6 Acre Site For Sale on 36693 Government Blvd 36695 36695 119 W. Lee St. 5775 Gunn Rd Schillinger Rd S-B 7601 Three Notch Road 4385 Government Blvd 7872 Cottage Hill Rd. Airport Blvd 34 of 43 1,285,000.00 90,000.00 135,000.00 1,125,000.00 43,560.00 130,680.00 350,000.00 1,300,000.00 200,000.00 450,000.00 1,491,111.00 725,000.00 87,120.00 17,859.60 42,688.80 10,890.00 18,000.00 5,580 Saad & Vallas Realty Group, LLC NAI Heggeman Realty Co., Inc. 1,500 Remax Realty Professionals, Inc. 47,260 Burrow Halsey Realty Group, Inc. Prudential Cooper & Co., Inc. 1,260 Commercial Division Leatherbury Real Estate 16,000 Saad & Vallas Realty Group, LLC Keller-Williams - Mobile, AL Keller-Williams - Mobile, AL 2,200 Marcus & Millichap 3,000 Carter Properties 383,760.00 350,000.00 4,000,000.00 13,068.00 87,120.00 750,000.00 1,645,000.00 1,775,000.00 67,518.00 66,677.00 475,000.00 85,000.00 1,889 10,269 392,040 3,630 9,147.60 60,000.00 1,290 7,728 350,000.00 800,000.00 475,000.00 39,758.80 54,450.00 6,000 441,045.00 196,020.00 592,000.00 59,241.60 264,000.00 700,000.00 52,707.60 1,012,000.00 38,441.00 1,300,000.00 325,000.00 5,900,000.00 200,376.00 34,848.00 174,240.00 6,000 5,000 3,200 NAI Heggeman Realty Co., Inc. Metcalfe & Company, Inc. NAI Heggeman Realty Co., Inc. Peebles & Cameron, L.L.C. Coldwell Banker Commercia JME Realty - Alabama CBRE CB Richard Ellis America South Realty, L.L.C. Coldwell Banker Commercia JME Realty - Alabama Prudential Cooper & Co., Inc. Commercial Division Coldwell Banker Commercia JME Realty - Alabama Dauphin Realty of Mobile & Baldwin County Peebles & Cameron, L.L.C. Saad & Vallas Realty Group, LLC Prudential Cooper & Co., Inc. Commercial Division Prudential Cooper & Co., Inc. Commercial Division Prudential Cooper & Co., Inc. Commercial Division Coldwell Banker Alfonso Marcus & Millichap Real Estate Investment Brokerage Company Prudential Cooper & Co., Inc. Commercial Division Ty Irby Realty & Development Co. NAI Heggeman Realty Co., Inc. Gregory B. Saad Marietta Urquhart Dale Swope Jerry Halsey murquhart@heggeman.com (251) 478-7223 (251) 479-8606 (251) 661-1471 (870) 972-9191 Michael Shoultz Jamie Leatherbury Joseph McCullough Frank Peoples Frank Peoples Alvin Mansour Michael Carter michaelshoultz@prucooper.com jamie@leatherburyrealestate.com jmccullough@saad.com frank@frankpeoples.com frank@frankpeoples.com (251) 639-4007 (251) 928-3465 (251) 478-7223 (251)-344-7699 (251)-344-7699 (858) 362-9353 (251) 591-8685 Marietta Urquhart Brian Metcalfe Marietta Urquhart Scotty Wells murquhart@heggeman.com brian@metcalfeco.com murquhart@heggeman.com swells@peeblesandcameron.com (251) 479-8606 (251) 432-2600 (251) 479-8606 (251) 438-4312 Harry Brown mayor@bellsouth.net Gregory Dalton J. Reid Cummings, CCIM, CSM (251)-604-8125 (916) 781-4816 (251) 605-9900 Chip Brown chipbrown3@comcast.net (251)-510-0549 Angela McArthur aminala@concentric.net (251) 639-4007 Chip Brown chipbrown3@comcast.net (251)-510-0549 Judi Wells Peebles Justin Smith JudiWells@dauphinrealty.com jpeebles@peeblesandcameron.com (251) 479-1314 (251) 438-4312 (251) 478-7223 Bob Cooper bobcooper@prucooper.com (251) 639-4007 Bob Cooper bobcooper@prucooper.com (251) 639-4007 Bob Cooper Brenda K Ramm bobcooper@prucooper.com (251) 639-4007 (228) 875-1272 Glen Kunofsky Bob Cooper Ty Irby Bernie Heggeman (212) 430-5100 bobcooper@prucooper.com ty@tyirbyrealty.com bheggeman@heggeman.com (251) 639-4007 (251) 649-1000 (251) 479-8606 35 of 43 1 37 Fall/Wi 2006 36695 Out-parcel Cody & Grelot Northwest Corner of Cody & Grelot 1 38 Fall/Wi 2006 36695 Jeff Hamilton/Snow Rd 9250 Jeff Hamilton Rd 1 1 1 1 39 40 41 42 Fall/Wi Fall/Wi Fall/Wi Fall/Wi 2006 2006 2006 2006 36695 36695 36695 36695 Three Notch Rd Acreage Former Grand Slam Cottage Hill Outparcel Cleveland the Florist 7331 Three Notch Rd 6420 Grelot Rd Winn Dixie Shopping Center 6361 Cottage Hill Road 1 1 1 3 3 43 44 45 60 65 Fall/Wi Fall/Wi Fall/Wi Mar. Mar. 2006 2006 2006 2007 2007 36695 36695 36695 36695 36693 Dawes at LeRoy Stevens Road 6401 Airport Blvd. -Prime Location! 2488 Hillcrest Road Mark's Automotive Building 2575 Newman Rd 1065 Dawes Road 6401 Airport Blvd. 2488 Hillcrest Road 1550 W i-65 Service Road S 36 of 43 485,330.00 980,000.00 217,800.00 630,000.00 995,000.00 325,000.00 450,000.00 304,920.00 69,696.00 27,442.80 379,900.00 325,000.00 1,900,000.00 600,000.00 275,000.00 126,324.00 21,780.00 72,309.60 13,000.00 NAI Heggeman Realty Co., Inc. Prudential Cooper & Co., Inc. Commercial Division Prudential Cooper & Co., Inc. Commercial Division NAI Heggeman Realty Co., Inc. Watson Realty, Inc. Cummings & Associates, Inc. Prudential Cooper & Co., Inc. 8,000 Commercial Division Coldwell Banker JME Realty - Mobile Keller-Williams - Mobile, AL 2,400 Leatherbury Real Estate 6,000 J. Barrons, LLC - Commercial Marietta Urquhart murquhart@heggeman.com (251) 479-8606 Bob Cooper bobcooper@prucooper.com (251) 639-4007 Bob Cooper Marietta Urquhart Michael Holland Marl Cummings, III bobcooper@prucooper.com murquhart@heggeman.com micsid1@aol.com marl@cummingsassoc.com (251) 639-4007 (251) 479-8606 (251)-602-1403 (251) 476-6000 Jimmie Few Don Parden Frank Peoples John Luce Haran Hunter jimmiefew@prucooper.com donparden1@msn.com frank@frankpeoples.com (251)-639-4007 (251)-554-1941 (251)-344-7699 (251) 510-3400 (251)752-3984 37 of 43 Baldwin Only source id number number date period months date year zipcode year number bldg name name location address 1 2 3 46 Fall/Wi 59 99 Feb. 2006 2006 2007 36507 The Garden Center 36507 36507 Winn-Dixi Marketplace 2106 Hwy. 31 South Highway 59 710 McMeans Avenue 1 1 47 Fall/Wi 48 Fall/Wi 2006 2006 36523 Office Depot Site 36526 Land on Hwy 98 6935 Hwy 90 Hwy 98 by Walmart 1 1 1 49 Fall/Wi 50 Fall/Wi 51 Fall/Wi 2006 2006 2006 36526 Banquet Hall 36526 Jubilee Plaza 36526 Jubilee Plaza 26258 Pollard Rd. 6845 US Hwy 90 6845 US Hwy 90 1 3 52 Fall/Wi 88 Mar. 2006 2007 36526 Commercial Corner on Hwy 181 Daphne 36527 Eastern Shore Point 26953 State Highway 181 Eastern Shore Point 1 53 Fall/Wi 2006 36532 Gas Station/Convenience Store 8124 U.S. Hwy 98 2006 2007 2007 2007 2007 2007 2007 2007 2007 36532 36532 36532 36532 36532 36535 36535 36535 36535 12 North Section Street 70 S Section St 10525 US Hwy 98 12 N. Section Street 24201 US Hwy 98 2801 S. McKenzie St. 19051 Hwy 10 3177 McKenzie (US Hwy 59) 212 E Michigan Avenue 2007 812 No. McKenzie 23529 State Highway 59 26670 Hwy 112 20870 State Hwy 59 21975 State Hwy 59 26670 Hwy 112 1 3 3 3 3 3 3 3 3 54 86 92 94 100 85 87 93 96 Fall/Wi Mar. Mar. Feb. Feb. Mar. Mar. Feb. Feb. 3 102 Feb. 12 North Section Street, Fairhope 70 S Section St Gas Station N. Section Street Sportsman Marine United Rental 19051 Hwy 10 Former Sonny's BBQ 212 E Michigan Avenue 1 3 3 1 3 3 55 95 91 56 89 98 Fall/Wi Feb. Feb. Fall/Wi Mar. Mar. 2006 2007 2007 2006 2007 2007 36535 Old Armory Mall Commercial Land-Ft. Rucker 36542 Daleville, 36542 509 Gulf Shores Parkway 36551 36561 Oak Street Plaza 36561 36561 Unit 3A Canal Plaza 1 2 3 3 3 57 58 90 97 101 Fall/Wi 2006 2006 2007 2007 2007 36567 36567 36567 36567 36567 Feb. Mar. Mar. 23529 State Highway 59 Car Dealership CVS Turn Key Operation space avail number 16163A Bon Bay Dr 509 Gulf Shores Parkway 2092 W. Relham Dr. 25025 Canal Rd. 22988 Perdido Beach Blvd 25299 Canal Rd. 38 of 43 sales price dollars site s.f. number bldg. s.f. number 249,900 1,800,000 3,175,000 52,272 87,120 234,788 4,500,000 1,250,000 141,570 750,000 2,425,000 2,425,000 117,612 104,544 104,544 895,000 3,800,000 94,090 39,204 7,728 545,000 87,120 3,500 1,100,000 342,700 550,000 1,100,000 2,800,000 2,500,000 239,900 1,925,000 335,000 5,000 44,000 51,488 5,118 62,133 23,958 1,224 2,340 2,600 22,000 14,000 1,393 5,970 1,919 950,000 23,700 8,600 1,150,000 1,000,000 260,000 685,000 46,000,000 595,000 653,400 325,000 1,500,000 1,185,000 4,595,000 1,500,000 20,473 261,360 39,600 47,480 261,360 19,329 121,968 126,324 42,253 217,800 1,148 980 6,000 500,000 3,600 9,000 6,000 12,232 9,000 company name COLDWELL BANKER COMMERCIAL SUNCOAST Jungledog Realty Marcus & Millichap COLDWELL BANKER COMMERCIAL SUNCOAST Irvine Co Inc Coldwell Banker Commercia JME Realty - Alabama Blum Real Estate Blum Real Estate Coldwell Banker Reehl Prop. Comm. Div. DB Development, LLC Coldwell Banker Commercia JME Realty - Alabama White-Spunner and Associates, Inc.Baldwin Co. J. Barrons, LLC - Commercial Coldwell Banker Commercial JME Realty White-Spunner and Associates, Inc Dyas Development LLC White-Spunner and Associates, Inc Coastal Properties, LLC Grubb & Ellis RE/MAX of Gulf Shores State Wide Properties & Investments Realty Co. Anchor Vacations Inc. RE/MAX of Gulf Shores Coldwell Banker Commercial JME Realty ONO Professional Partners Crye-Leike Commercial Coldwell Banker Commercial Shore Realty White-Spunner and Associates, Inc.Baldwin Co. Beck Property Company, Inc. Coldwell Banker Commercial JME Realty Cole Realty Advisors Beck Property Company, Inc. agent name email address telephone number Brien Griggers Chip Brown Manuel Ramon bgriggers@bellsouth.net chipbrown3@comcast.net (251)-599-2266 (251) 510-0549 (972) 755-5248 Jeff Smith Starke Irvine jeffcomm@coldwellbanker.com sirvine@aol.com (251) 626-1970 (251) 621-1337 Harry Brown Stephanie Herron Stephanie Herron mayor@bellsouth.net stephanieherron@worldnet.att.net stephanieherron@worldnet.att.net (251)-604-8125 (251)-604-9296 (251)-604-9296 Dennis Frodsham Doug Johnson dfrodsham@bellsouth.net (251) 990-6622 (847) 664-5214 Harry Brown mayor@bellsouth.net (251)-604-8125 Rebecca D. Byrne Haran Hunter Harry Brown Pat Taylor Susan Stewart Pat Taylor Candance Rayfield Debra Price John Andrews rebecca@white-spunnerassoc.com (251) 928-4425 (251) 752-3984 (251) 626-1970 (251) 471-1000 (251) 990-6000 (251) 471-1000 (251) 981-4951 (251) 438-4312 (251) 948-2211 Louise Jones (251) 987-1880 Larry Livingston John Andrews Harry Brown John Murphy, III Dan Whipple Christine Slaughter lliving36@mchsi.com Rebecca D. Byrne Justin Aaron Beck Harry Brown Sean D. Leahy Justin Beck rebecca@white-spunnerassoc.com johnmurphy@gulftel.com (251)-968-6406 (251) 948-2211 (251) 626-1970 (251) 968-3585 (901) 758-5670 (251) 974-2468 (251) 928-4425 (850) 477-7044 (251) 626-1970 (251) 778-8773 (850) 477-7044 39 of 43 MARKET WATCH Table 11. Fall/Winter '06 & Spring '07, Retail Properties Mobile and Baldwin Advertised For Sale Advertised Sales Price per S.F. by Zipcode (Lots only) property number 1 2 3 4 5 6 7 8 9 10 11 12 zipcode sales price number dollars 36575 285,000.00 36575 686,062.00 36575 620,737.00 36575 490,050.00 36602 36609 626,450.00 36695 2,000,000.00 36695 605,000.00 36695 980,000.00 36526 679,000 36535 1,000,000 36576 395,000 median properties reporting $ 626,450 11 40 of 43 MARKET WATCH Table 12. Fall/Winter '06 & Spring '07, Retail Properties Mobile and Baldwin Advertised For Sale Calculated Sales Price per S.F. by Zipcode (Lots only) property number 1 2 3 4 5 6 7 8 9 10 11 12 zipcode number 36575 36575 36575 36575 36602 36609 36695 36695 36695 36526 36535 36576 median properties reporting median sales price $ sales price dollars 285,000.00 686,062.00 620,737.00 490,050.00 site s.f. number 56,628.00 54,885.00 49,658.00 39,204.00 calculated site price per s.f. dollars 5.03 12.50 12.50 12.50 626,450.00 2,000,000.00 605,000.00 980,000.00 679,000 1,000,000 395,000 73,700.00 206,910.00 105,350.00 211,266.00 38,768 168,141 196,020 8.50 9.67 5.74 4.64 17.51 5.95 2.02 626,450 11 $ 73,700 11 11 $ 8.50 41 of 43 MARKET WATCH Table 13. Fall/Winter '06 & Spring '07, Retail Property Mobile and Baldwin Masterfile of Retail Properties Advertised for Sale (Lots only) Mobile only source 3 3 3 3 3 id number number 103 105 106 107 109 3 3 3 3 108 104 110 111 date period months Feb. Mar. Mar. Mar. Feb. Feb. Feb. Feb. Mar. date year zipcode bldg name year number name 2007 36575 Semmes Marketplace Outparcel 2007 36575 7953 Moffett Road - Semmes 2007 36575 7955 Moffett Road - Semmes 2007 36575 7945 Moffett Road - Semmes 2007 36602 Hwy 59 2007 2007 2007 2007 36609 Omni Park Lots 1 and 2 36695 Schillinger Prime 36695 Jeff/Dawes 36695 location address 9082 Moffett Rd. 7953 Moffett Road 7955 Moffett Road 7945 Moffett Road Hwy 59 Corner of Hillcrest and Omni Park Drive 0 Schillinger Road - Lot 8D Dawes Road and Jeff Hamilton 9250 Jeff Hamilton Road space avail number location address 2000 Blk Hwy 98 Hwy 59/20, Lot 1 13650 Hwy 48 space avail number Baldwin Only source id number date period number months 3 114 Feb. 3 112 Mar. 3 113 Feb. date year zipcode bldg name year number name 2007 36526 Hwy 98 & Randall Rd 2007 36535 Hwy 59/20 Subdivision 2007 36576 13650 Hwy 48 42 of 43 sales price dollars 285,000.00 686,062.00 620,737.00 490,050.00 not disclosed site s.f. number 56,628.00 54,885.00 49,658.00 39,204.00 company name Watson Realty, Inc. Coldwell Banker Commercial JME Realty Coldwell Banker Commercial JME Realty Coldwell Banker Commercial JME Realty Cummings & Associates, Inc. agent name Michael Holland Don Parden Don Parden Don Parden Marl M. Cummings 626,450.00 2,000,000.00 605,000.00 980,000.00 73,700.00 206,910.00 105,350.00 211,266.00 Gleason and Associates, Inc. Prudential Cooper Grubb & Ellis Prudential Cooper & Co., Inc. Tommy Gleason Donna Snead Debra Price Bob Cooper sales price dollars 679,000 1,000,000 395,000 site s.f. company number name 38,768 P&H Properties, Inc. 168,141 White-Spunner and Associates, Inc. 196,020 Dyas Development LLC agent name Allan Bell Pat Taylor Susan Stewart email address telephone number (251) 602-1403 (251)-554-1941 (251)-554-1941 (251)-554-1941 (251) 476 6000 (251) 342-1636 (251) 554-8771 (251) 438-4312 (251) 639-4007 email address telephone number (850) 232-0437 (251) 471-1000 (251) 990-6000 43 of 43