DEALS

Deals

Centre Stage – Nashville MSA (Springfield, TN)

THE OPPORTUNITY

147,000 SF Belks, Big Lots and Goodwill anchored shopping center for sale in the Nashville (MSA). The center is 100% leased almost exclusively to regional and national tenants. The offering includes a 1 acre outparcel that is ready for development. Tenants include Belk, Big Lots, Goodwill, Cato, Hibbett Sports, and more. Built-in rental escalations provide solid organic growth during an investors hold period.

THE DEAL POINTS

  • Square Feet: 147,483
  • Year Built: 2004
  • NOI: $954,130
  • Asking Price: $10,600,000
  • Cap Rate: 9%

THE HIGHLIGHTS

  • 95% of GLA leased to strong national or regional tenants
  • 100% leased with a strong occupancy history
  • Recent renewals with Belk, Big Lots, Cato, and Hibbett Sports
  • Goodwill of Tennessee operates 48 stores in 36 counties. Pending renewal in 2020 will provide significant NOI growth with a rent increase of $16,000 annually
  • No co-tenancy clauses within the center
  • Approximately 1 acre outparcel included with the sale presents an investor the opportunity to sale or lease the pad
  • Unrivaled visibility and access from Memorial Blvd
  • Strong operating history with average tenancy of over 12 years

Centre Stage Virtual Deal Room