The McEnery Company performed an appraisal of the Orange Beach Commons retail center located at the corner of Canal Road and Orange Beach Boulevard in Orange Beach, Alabama. The center is a neighborhood shopping center known as The Commons at Orange Beach, and the property also included a long-term lease agreement with a Tom Thumb fuel operator located at the hard corner of the parcel. The interest appraised within this report was a Leased Fee Interest to include a separate ground lease parcel to McDonald’s. At the time of our appraisal, the property was being acquired by a local real estate investor. The center, which was relatively newly developed required completion of significant interior build-out and also had excess land areas suitable for out-parcel development.