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Shopping Neighborhood

COVINGTON SPRINGS SHOPPING CENTER

3842 Austin Peay Hwy, Memphis, TN 38128

Listing Price: $7,990,000

Cap Rate
7.39%
Gross SF
73,129
Rentable SF
73,129
Price/Gross SF
$109.26
Lot Size
12.57 acres
Year Built
1994

Investment Overview

SUBMARKET OCCUPANCY OF 97.2% - RETAIL OVER 63,500 RESIDENTS WITHIN THREE MILES AVERAGE HOUSEHOLD INCOME OF $67,130 WITHIN THREE MILES AUSTIN PEAY HWY TRAFFIC COUNTS – 25,500 (2020)

Investment Highlights

  • OVER 93% OCCUPIED - 16 UNITS (14 LEASED / 2 VACANT)
  • LONG TERM TENANCY - DOLLAR TREE (20.51% GLA) – OCCUPIED SINCE 2001 / FRESENIUS KIDNEY CARE (13.61% GLA) – OCCUPIED SINCE 1996 / TJ BEAUTY DEPOT (20.51% GLA) – OCCUPIED SINCE 2001
  • SHADOW ANCHORED BY - WALMART – PUBLIC COMPANY - NYSE: WMT / KROGER - PUBLIC COMPANY - NYSE: KR / GOODWILL – PRIVATE COMPANY - 4,000+ LOCATIONS
  • SIGNIFICANT VALUE-ADD UPSIDE (RE-LEASE TJ BEAUTY SPACE AT MARKET RENT, SET TO ROLL OVER IN 2024 - SEVERAL TENANTS ALREADY HAVE SIGNIFICANT INTEREST)
  • NEW ROOF OVER DOLLAR TREE & TJ BEAUTY SUPPLY UNITS (2021)
  • MAJOR PARKING LOT REPAIRS IN 2021 & 2022
  • LEASE STRUCTURES - MIX OF TRIPLE-NET AND GROSS

Exclusively Listed By

  • Jeff R. Rowlett

    Senior Managing Director Investments

    (262) 364-1924

    Email Jeff

    License(s): WI: 74743-94, IL: 471.016866

    Milwaukee

Broker of Record

  • Jody McKibben

    First Vice President/Regional Manager

    (615) 997-2800

    License(s) TN: 307629

    Tennessee

Shopping Neighborhood

COVINGTON SPRINGS SHOPPING CENTER

Listing Price: $7,990,000

Cap Rate
7.39%
Gross SF
73,129
Rentable SF
73,129
Price/Gross SF
$109.26
Lot Size
12.57 acres
Year Built
1994

Investment Highlights

  • OVER 93% OCCUPIED - 16 UNITS (14 LEASED / 2 VACANT)
  • LONG TERM TENANCY - DOLLAR TREE (20.51% GLA) – OCCUPIED SINCE 2001 / FRESENIUS KIDNEY CARE (13.61% GLA) – OCCUPIED SINCE 1996 / TJ BEAUTY DEPOT (20.51% GLA) – OCCUPIED SINCE 2001
  • SHADOW ANCHORED BY - WALMART – PUBLIC COMPANY - NYSE: WMT / KROGER - PUBLIC COMPANY - NYSE: KR / GOODWILL – PRIVATE COMPANY - 4,000+ LOCATIONS
  • SIGNIFICANT VALUE-ADD UPSIDE (RE-LEASE TJ BEAUTY SPACE AT MARKET RENT, SET TO ROLL OVER IN 2024 - SEVERAL TENANTS ALREADY HAVE SIGNIFICANT INTEREST)
  • NEW ROOF OVER DOLLAR TREE & TJ BEAUTY SUPPLY UNITS (2021)
  • MAJOR PARKING LOT REPAIRS IN 2021 & 2022
  • LEASE STRUCTURES - MIX OF TRIPLE-NET AND GROSS

Investment Overview

SUBMARKET OCCUPANCY OF 97.2% - RETAIL OVER 63,500 RESIDENTS WITHIN THREE MILES AVERAGE HOUSEHOLD INCOME OF $67,130 WITHIN THREE MILES AUSTIN PEAY HWY TRAFFIC COUNTS – 25,500 (2020)

Exclusively Listed By

  • Jeff R. Rowlett

    Senior Managing Director Investments

    (262) 364-1924

    Email Jeff

    License(s): WI: 74743-94, IL: 471.016866

    Milwaukee

Broker of Record

  • Jody McKibben

    First Vice President/Regional Manager

    (615) 997-2800

    License(s): TN: 307629

    Tennessee

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