Overview

Description

Marcus & Millichap is pleased to present Shoney's, a 4,778-square-foot restaurant located at 267 North Lowry Street in Smyrna, Tennessee. There are eight months remaining on a lease with Mark B. Thomas Enterprises, LLC that commenced in 2013. The tenant has given notice to vacate the property in December 2018 which allows for immediate upside through leasing or redevelopment; however Shoney's would like to pursue a new 10-year lease.

The property has great visibility and access along North Lowry Street with 20,600 vehicles per day. Subject property is situated on a hard corner with a traffic light in front of a major shopping center. Neighboring retailers include McDonald's, Regions Bank, Big Lots, Rent-A-Center, Tractor Supply Company, Taco Bell and Dollar General. Smyrna, in the northern portion of Rutherford County, has seen tremendous growth in the last twenty years. From 1990-2000, Smyrna's population grew from 16,361 to 25,569 - a 56 percent increase. From 2000-2010, Smyrna's population grew another 56 percent giving the town a population of 39,974. Smyrna has a current population of 48,596 with a projected population growth rate of 44 percent over the next 10 years.

This phenomenal growth is due in part to the accessibility of Rutherford County via major interstates. Interstate 24 runs directly through Smyrna, and Interstate 65, Interstate 40 and SR-840 are all within 15 miles of the town limit. Smyrna's location, low town property tax and its proximity to Nashville and Murfreesboro has made it one of the fastest growing residential and retail areas in the state.

Highlights

• Optional Strategy: Outparcel Redevelopment or New Corporate Backed Lease
• Positioning on a Hard Corner with Traffic Light in Front of Major Shopping Center
• Below Market Rent at $12.14/SF; Approximately 50 Percent Below Market
• Strong Visibility and Access Along North Lowry Street (20,600 Vehicles per Day)
• Rutherford County is Ranked Third in the United States for Job Growth
• Second Fastest Growing County in Tennessee, 30th Fastest Growing County in the U.S.

Documents

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