Shopping Center Redevelopment
Midfield Plaza
Midfield (Birmingham), Alabama

Major Tenants:
Acquired: November, 1983
Original Original
166,180 sq.ft., Retail
K-Mart Piggly Wiggly Supermarket    
Homecrafters Goodyear Tire    
Showbiz Pizza Family Dollar    
  Aaron's Rent-A-Center    
  Alabama Thrift Stores    

1984: 22,000 sq. ft. space, vacant for several years, leased to regional retailer, increasing annual rental income by $35,200.
1986: Renovation of canopy and parking lot completed.
1987: Create an out-parcel from excess land in parking lot and execute ground lease with McDonalds adding $30,000 per annum of additional Net Operating Income. McDonald's constructs their own building at their expense.
Showbiz Pizza closes majority of its locations nationwide. Negotiate lease termination payment of $331,000 and space re-leased to Western Auto.
1988: Annual Net Operating Income has been increased by 44% since acquisition.
1991: Property 100% occupied.
K-Mart decides to expand from 85,000 sq. ft. to 110,000 sq. ft. As there was no expansion space available within center, they are forced to relocate. Lease is executed for 1/3 of the vacated space to Piggly Wiggly, a regional supermarket chain, increasing rental rate 300%. Alabama Thrift Stores expanded from 25,000 to 45,000 sq. ft.
1992: Leased K-Mart's former free standing 7,500 sq. ft. Tire Battery and Accessory building to Auto Zone, a regional automobile service center, increased rental rate 425%.
1993: Leased 10,000 sq. ft. of former K-Mart building to a national retailer at a rental rate of 250% the rent K-Mart was paying.
1994: Remaining portion of the K-Mart building is leased to Aaron's Rent-A-Center, raising rental rates by 300% and increasing Annual Net Operating by 204%. Physical improvements including parking lot resurfacing and new upgraded parking lot lighting completed at the Center.
1995: Leasing of in-line stores further raises occupancy to 97%, Annual Net Operating reaches a 212% increase since acquisition.
1997: Extensive renovations made to the canopy facade and parking lot.
1998: Sears closes all of its Western Auto stores in Alabama. The space is divided into two stores and leased to Goodyear Tire and Family Dollar stores.
In August the property is refinanced for nearly double the then first mortgage balance.
2001: Property remains 99% leased. New contemporary roadside pylon sign replaces old dated looking sign.

Return to Third Party Property & Asset Management page.