Property details
Tennessee Shopping Center For Sale, Southeast Region
Property Description
Tennessee Shopping Center For Sale
Motivated Seller - Open To Offers
The center has 197,000 sf and only 600 sf is vacant.
Upside:
• Included in the purchase are 2 out parcels located at the front hard-corner entrance
• One of the parcels is just under 2 acres
• Both parcels already have the utilities in place.
• The other parcel is about 1/2 acre. The owner is trying to get Sherwin-Williams to take this parcel.
• There is also upside with the Piggley Wiggley anchor-tenant. This tenant is only paying about $5,500 per month ($66,000 annually) and per the terms of their lease, they are supposed to be paying around $13,000 per month ($156,000 annually). A new owner could require Piggley Wiggley to honor the lease and bring the lease to lease agreement, or, bring in a new tenant altogether.
Current gross income is about $1,550,000 annually
Expense are about $125,000 annually
Estimated NOI: $1,425,000
There are also 6 billboard on the property! The gross income includes billboard income.
• The center was originally built in 1970, however it was purchased in 2005 and completely renovated over the next three years.
• Additionally, 30,000 sq/ft of space has been newly constructed with outparcels created.
• Two outparcels remain undeveloped.
• The Center brings in approximately $ 1,550,000.00 gross rent but Landlord has three businesses in center that do not pay rent.
• Possible additional $100K in rent on the Landlord occupied space as well as about 10,000 sq/ft that is vacant.
• Nicest development in the area
• Nearest majority of population.
• Piggly Wiggly (local franchise) is grocery tenant, but acquiring a national chain i.e. Publix, would take this center to the next level.
• Landlord has approximately $17,500,000.00 in the entire center. Would sell at investment cost.
• Owner has other properties (individual stand alone buildings leased to local businesses in the downtown area) that will consider selling also in separate deal.
Images
Highlights
- Status:
- Withdrawn
- Price:
- $18,000,000
- PSF:
- $91
- Cap Rate:
- 7.92%
- Annual Rent:
- $1,425,000
Property Information
- Building Size:
- 197,000 sq.ft.
- Property Type:
- Shopping Center
- Industry Type:
- Retail
- Units/Spaces:
- 1
- Purchase Tenure:
- Fee Simple
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.