Overview

Description

SRS Capital Markets is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a 2-tenant, NNN leased, corporate signed, Starbucks and Chase Bank investment property located in Memphis, Tennessee. The tenant, Starbucks (NASDAQ: SBUX | S&P: BBB+), has occupied the property for over 21 years and recently extended their lease, demonstrating their commitment to the site. The tenant, JPMorgan Chase Bank (NASDAQ: JPM | S&P: A+), recently signed a brand new 15-year lease with 3 (5-year) option periods to extend. Both leases feature scheduled rental increases throughout the initial term and option periods, steadily growing NOI and hedging against inflation. The leases are NNN with minimal landlord responsibilities making it an ideal investment opportunity for a passive investor.

The asset is located near the signalized, hard corner intersection of Winchester Road and Hacks Cross Road with a combined 64,700 vehicles passing daily. Winchester Road is the primary retail thoroughfare serving the immediate trade area. The thoroughfare features shopping centers highlighted by Walmart Supercenter, Home Depot, Sam’s Club, and Dick’s Sporting Goods. The property will benefit tremendously from the retail exposure generated by the concentration of major retailers in the area, in addition to its position as an outparcel to a Costco and Lowe’s. The two national brands draw a significant amount of consumers to the shopping center, promoting crossover shopping to the surrounding tenants including Starbucks and Chase Bank. The Shoppes at Centennial Crossing ranks in the 87th percentile among shopping centers nationwide (Per Placer.ai) given its direct access to an affluent consumer base and convenient location less than 1-mile from on/off ramps of State Highway 385 (107,800 VPD). The 5-mile trade area is supported by a population of over 179,300 residents and 93,500 employees with an average household income of $114,872.

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