MOBILE, Ala. (WKRG) — The former Toys R Us property has been sold to Swintstorage, a self-storage developer out of Savannah, GA, for $2.7 million.
The developer plans on renovating the building into climate-controlled self-storage with drive-in capability, according to David Dexter and Niki Coker of NAI Mobile who brokered the transaction.
“The plans for his buildout are impressive,” said Coker. “From what it looks like, he’ll be adding large roll-up doors to the exterior of the building for moving trucks to drive in, unload in the cool and out of the elements, and exit.”
“When we landed the assignment, we had a pretty good idea the backfill user would be something other than typical retail,” said Dexter. “Big box retail has been contracting in recent years, evidence of which appears on the other side of Bel Air Blvd. and Airport Blvd. We targeted call centers, fitness enterprises, municipal and county, entertainment concepts, churches and other non-retail prospects like self-storage.”
Toys R Us occupied the building after it was built it in 2005.
The store closed in 2017 after the company filed for bankruptcy.
The stores were then put up for bid, including the one in Mobile that ended up conveying to a group out of Los Angeles, CA, for $790,000.00, according to probate records.
“While we miss the youthful nostalgia associated with Toys R Us,” said Coker, “to be able to deliver a return on investment of this magnitude on a commercial property in such a short timeframe is a true testament to the power of redevelopment and continued growth of Mobile.”
The developer is re-listing the southern 1.68-acre parcel with NAI Mobile to sell separately.