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