Five Guys & Sleep Number | New Construction Two-Tenant Pad Site in Nashville Suburb

1090 Crossings Circle, Spring Hill, TN

$3,038,000

Price

6.25%

Cap Rate

$189,875

NOI

Overview
Cap Rate
6.25%
NOI
$189,875
Building Size
5,425 sqft
Lot Area
0.87 acres
Lease Type
Triple Net
Year Built
2019
Price Per Sqft
$560
Description

CAPITAL PACIFIC is pleased to present the opportunity to acquire a premier two tenant retail building in Spring Hill, Tennessee (Nashville MSA). The subject property is 100% leased to Five Guys and Sleep Number, and both tenants are on new 10-year leases featuring 10% percent rental increases in both the base terms and at each option period. The property is new construction and features NNN lease structures, limiting Landlord responsibilities for this investment (see lease abstract pages). Five Guys is a nationally recognized fast casual restaurant with almost 1,500 locations in the U.S. and another 1,500 in development worldwide. Sleep Number was ranked #1 in Mattress Satisfaction in 2018 by J.D. Power and operates over 570 stores in the U.S.

THE PROPERTY enjoys standalone visibility and curb appeal along U.S. Highway 31, a major retail thoroughfare that runs all the way through Spring Hill, with over 24,000 vehicles per day passing the site. Furthermore, it is in close proximity to national anchors such as: Target (adjacent) and Home Depot (across the street). The surrounding area of Spring Hill is one of the two most affluent and fastest growing suburbs Tennessee, with average household incomes of over $97,000 and a population density of almost 53,000 residents within a 5-mile radius.

In Conjunction With TN Licensed Principal Broker
Graves C. Stubblefield III
Cherry & Associates
PH: 615.403.5657
gstubblefield@cherryandassoc.com

Highlights
  • Hard corner signalized intersection
  • 10-year corporate NNN leases to nationally recognized tenants
  • 10% rental increases in base terms and at each option period
  • Connected to Super Target, Ross, Petsmart, Kohl’s anchored center, but the property IS NOT subject to the use restrictions of the center
  • Average household incomes close to $100,000 in the trade area
Documents
Title
Offering Memorandum
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Location
Gallery