Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a two-tenant, 8,000 SF, investment property located in Cordova, TN. The tenants, Jared The Galleria of Jewelry and Jimmy John’s are long term tenants who have been tenants since the property was constructed in 2007. Jimmy John’s also has the benefit of a drive thru lane at the building. Jared has 4 (5-year) options and Jimmy John’s recently exercised their
5-year renewal option early, extending their lease through May 2029. Jimmy John’s will have a 10% increase in their rent starting June 1, 2024. The length of the tenant’s occupancy as well as their options demonstrate their commitment to the site. Both leases are NNN with minimal landlord responsibilities making it an ideal, management free investment opportunity for an out of state investor.

The multi-tenant building is an outparcel pad at Countrywood Crossing, a 253,000 SF neighborhood shopping center anchored by Ross Dress For Less. Other tenants in the center include: ULTA Beauty, Kirklands, Lane Bryant, Mattress Firm and others. The property sits at the signalized, hard corner intersection of N. Germantown Pkwy and Ikea Way (73,400 VPD) and benefits from significant frontage along N. Germantown Pkwy. N Germantown Pkwy. is the major retail thoroughfare serving the city of Cordova. The property is a half mile from the intersection of N. Germantown Pkwy. and I-40 (125,500 VPD). The property also benefits by being adjacent to Ikea, Costco, and the Market Place Galleria center. Combined these centers are 683,000 SF with other anchor tenants including: Kohl’s, Dick’s Sporting Goods, Ashley HomeStore, and Ethan Allen. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Walmart Supercenter, Sams Club, Michaels, Home Depot, Target, Hobby Lobby, Lowe’s Best Buy, and more, further increasing consumer traffic to the site. The 5-mile trade area is supported by a population of over 167,000 with an average household income of $98,000.

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