REIT SALE | Former Shoney’s | 22K VPD | 2.36 Acres

Highlights:

• Freestanding Former Restaurant on Large 2.36 Acre Site Available at Significant Discount Below Replacement Cost
• 22,369 VPD Traffic Count Frontage and Visibility on S Jefferson Ave | Direct Access to I-40 (52K VPD)
• Located in Prime Retail/Restaurant Hub Adjacent to Multiple Hotels and Shadow Anchored by Walmart and Lowe’s
• Surrounding Traffic Generators: Best Western, Home Suites, Super 8, Sam’s Club, Kroger, Aldi, Days Inn, Red Roof, Hampton Inn, Holiday Inn Express, La Quinta, Country Inn & Suites, and more
• Zoned CG, General Commercial District with a Variety of Permitted Uses
• Dense Demographics with ±52,709 People and Annual Household Income of ±$73,161 within a 5-Mile Radius

Description:

RI Marketplace Online Auction May 5-7, 2025
Register to bid on Marketplace:

https://rimarketplace.com/auction/2416/reit-sale-former-shoney-s-22k-vpd-2.36-acres?utm_source=brevitas&utm_medium=listing&utm_campaign=external&utm_content=retail_2416

Marcus & Millichap and RI Marketplace are pleased to present a vacant, free-standing retail building located at 880 S Jefferson Avenue in Cookeville, TN (the “Property”). Formerly occupied by Shoney’s, the Property is being offered significantly below replacement cost, providing an excellent opportunity for owner/users or investors to acquire a well-positioned asset in one of Middle Tennessee’s strongest growth corridors. FIRST BID MEETS RESERVE!

Built in 1994, the ±6,009 SF one-story building sits on a ±2.36-acre lot, offering 92 surface parking spaces and ±150 feet of frontage along S Jefferson Ave, one of Cookeville’s busiest retail corridors. The site benefits from excellent visibility and direct highway access, with ±22,369 vehicles per day passing the site. The Property’s infrastructure makes it an ideal candidate for restaurant re-use or redevelopment into retail, quick-service, or other commercial uses. The site is easily accessible via multiple ingress/egress curb cuts and offers a pylon sign on the heavily trafficked Jefferson Ave. Previously occupied by Shoney’s on a NNN lease, the Property offers investors the ability to unlock significant value-add potential through lease-up at long-term market rates (CoStar estimated retail rents of $16-20/SF NNN). Zoned CG, General Commercial District, this zoning offers favorable flexible zoning allowing for a variety of uses.

The Property is located in Cookeville, Tennessee, the largest city in Putnam County and a key commercial hub within Tennessee’s Highlands region. This former Shoney’s restaurant is strategically positioned along S Jefferson Ave, one of Cookeville’s most active retail corridors, just ±1 mile from Interstate 40, providing seamless connectivity to Nashville (±80 miles west), Knoxville (±100 miles east), and Chattanooga (±95 miles south). The Property is within direct proximity to major national retailers, including Walmart, Lowe’s, Kroger, and Sam’s Club, enhancing the Property’s draw and reinforcing its presence within Cookeville’s expanding commercial sector. This former Shoney’s is strategically positioned near major demand drivers, including Tennessee Tech University (±10,000 students) and Cookeville Regional Medical Center (269-beds), both of which generate strong economic activity and consistent daytime traffic. Located within ±2.5 miles of the Property, these institutions contribute to the area’s workforce, consumer spending, and long-term investment potential. The Property also benefits from several hospitality assets in the immediate 1-mile area along with a strong residential base in a 5-mile trade area that is home to over 52k residents with an affluent average household income of ±$73k, further enhancing the area’s daily needs retail potential.

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