Asking Price: $2,450,000
Cap Rate: 6.85%
- Located within prime retail corridor: The site is located on the corner of the signalized intersection of Kingston Pike and North Winston Road just off Interstate 40 (196,214 VPD). Surrounded by major national retailers including Trader Joe’s, Barnes & Noble, TJ Maxx, Home Goods, David’s Bridal, the property is also conveniently located less than one (1) mile away from West Town Mall, the largest enclosed shopping mall in the state of Tennessee (1.3 million square feet of GLA and five anchor tenants). Other nearby attractions include Downtown Knoxville, the Thompson-Boling Arena, The University of Tennessee at Knoxville, Parkwest Medical Center, the Cherokee Farm Innovation Campus, and the renowned University of Tennessee Medical Center.
- Corporate-guaranteed lease: This NN lease has minimal landlord responsibilities and comes with a corporate guarantee and fixed rent increases within the remaining lease option. No state income tax in Tennessee provides a low tax burden for the investor. The property is located within a key area for continued growth and development, with an annual household income of more than $85,000 within five (5) miles of the site.
- Located in growing market area: Home of The University of Tennessee “Vols,” Knoxville is known by many as the “hidden gem” of Tennessee. The third largest city in the state after Nashville and Memphis, Knoxville is home to a growing population of over 185,000, and the Knoxville Metropolitan Statistical Area (MSA) has a population of nearly 853,000. In 2008, Forbes named Knoxville one of the “Top 10 Metropolitan Hotspots in the U.S.,” and the city was listed in the magazine’s “Top 5 Hot Spots for Business and Careers,” just behind New York and Los Angeles. In 2011, Kiplinger ranked Knoxville at No. 5 on its list of “Best Value Cities” for its college sports, close proximity to the Smoky Mountains, and the city’s entrepreneurial spirit.
- Established, recognized tenant: The Vitamin Shoppe is an omni-channel specialty retailer and contract manufacturer of nutritional products based in Secaucus, New Jersey. The Vitamin Shoppe is the second largest vitamins, minerals, and supplements retailer with over $1 billion in annual revenue. The company operates over 700 stores throughout the U.S. and Puerto Rico, and offers 26,000 top-quality supplements from over 400 top national brands, all at everyday low prices.
Listed in conjunction with Tennessee broker DZ Net Lease Realty, LLC (license 262628).
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