Kodak, TN - Bass Pro Shops

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a corporate guaranteed, single tenant, Bass Pro Shops Outdoor World investment property located in Kodak, Tennessee (Knoxville MSA). The tenant, Bass Pro Outdoor World, LLC, has more than 6 years remaining in their initial term with 6 (5-year) options to extend. The tenant is operating on a gross lease and is paying percentage rent on gross sales made during each lease year. This location experiences strong sales, paying percentage in lieu of base rent (contact agent for details). The lease is corporate guaranteed by Bass Pro, Inc. The property is also within a newly designated IRS “Opportunity Zone”, allowing for an investor to defer tax obligations or receive other significant tax benefits.

Bass Pro Stores nationwide draw over 200 million visitors annually and each store is heavily customized to reflect the character of the region. This Bass Pro location is an Outdoor World specification store which includes the sales of Boats, RV’s, and ATV’s in addition to the standard sportsman and outdoor focused merchandise. This store is located in Sevier County which has grown into a major tourist destination since the establishment of the Great Smoky Mountains National Park, which dominates the southern portion of the county. The area is home to one of the largest tourist resorts (Gatlinburg) in the United States of America, a gateway mountain town to the roughly 520,000-acre Great Smoky Mountains National Park which is the most visited national park in the country. In addition, the nearby 28,000-acre Douglas Lake and 28,800-acre Cherokee Lake are ideal fishing, boating, and hunting destinations that this Bass Pro Shops location directly serves. Finally, a new 200-acre mixed-use development has broken ground across Interstate 40. Notably, the world’s largest convenience store is underway as Buc-ee’s has begun construction on its state-of-the-art, 74,000+ SF convenience store complete with approximately 120 fueling stations, EV Charging Stations and a 250-foot long car wash.

The subject site is located just off Interstate 40 (81,700 VPD) with direct on/off ramp access from the cross road Winfield Dunn Parkway/State Highway 66 (51,600 VPD). Bass Pro Shops serves as the primary destination and anchor tenant at this exit and has since attracted other commercial tenants to move in adjacent to the site. Those include the Fairfield Inn by Marriott, Hampton Inn & Suites, Holiday Inn Express, Thunder Road Distillery, Chocolate Monkey Chocolate Shop, Harley-Davidson, Chop House Restaurant, and more, further increasing consumer traffic to the site. Moreover, the area is also a destination for sports as the Tennessee Smokies, a minor league baseball team and Chicago Cubs double-A affiliate, has their stadium within walking distance of the Bass Pro Shops. The team has been playing there since 2000 and has attracted large crowds as many as 8,000 fans in May 2017. The site serves approximately 23,000 residents with an average household income of $81,659 located within a 5-mile radius.