Murfreesboro, TN - Northern Tool + Equipment

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, Northern Tools + Equipment investment property located in Murfreesboro, Tennessee. The tenant, Northern Tool & Equipment Company, Inc has 5+ years remaining on their lease with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features 1.5% annual increases throughout the remainder of term and 2% annual increases at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is Modified NNN with limited landlord responsibilities making it an ideal, low management investment opportunity for an out of state investor.

The Northern Tool + Equipment is located along Old Fort Parkway / State Highway 96 (43,600 VPD) near its intersection with Bridge Avenue (11,900 VPD), which sees a combined 55,500 VPD. Old Fort Parkway is the major retail thoroughfare serving the city of Murfreesboro. The Northern Tool + Equipment sits adjacent to Stones River Town Centre, a regional shopping destination featuring national/credit tenants including AMC Theatres, Finish Line, Hibbett Sports, Books-A-Million, Claire’s and Hot Topic. The asset is also positioned near Towne Centre, a Target and Lowe’s anchored center that features T.J. Maxx, Skechers, Five Below, Boot Barn and Cavender’s. The property is in the center of Murfreesboro’s primary retail corridor with other nearby national/credit tenants including Walmart, The Home Depot, Sam’s Club, Costco Wholesale, Kohl’s, Kroger, Hobby Lobby, Harbor Freight, PetSmart, Staples and more, further increasing consumer traffic to the site. The subject property benefits from close proximity to Interstate 24 (144,700 VPD), the primary connector between Murfreesboro and Nashville (40 minutes | 33 miles), as well as Middle Tennessee State University (20,488 students), the largest undergraduate university in the state. The 5-mile trade area is supported by a population of more than 175,500 with an average household income of $113,919 and a strong daytime population of approximately 65,400 employees.

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Listing ID: a28TP0000034vE5YAI