Investment Overview

Marcus & Millichap is pleased to offer for sale the Shoppes on East Stone located at 2637 E Stone Drive in Kingsport, Tennessee. This 23,876 square-foot fee simple retail center features high-quality construction and design, and is occupied by a strong mix of internet-resistant tenants. The property includes a desirable combination of national, regional, and local businesses, such as Jersey Mike’s Subs, Lumber Liquidators, Lendmark Financial Services, East Coast Wings, and a newly signed 10-year lease with Stanton Optical. The stable and diverse tenant mix ensures long-term occupancy and strong traffic generation. Built in 2011, the asset has consistently maintained high occupancy levels and presents a value-add opportunity through one vacant 1,200 square-foot suite, supported by ample parking. With a competitive average rental rate, the property offers steady returns while reducing the risks associated with tenant turnover and positioning for long-term NOI growth. Many tenants have significantly invested in their interior buildouts, further enhancing occupancy stability. The property is located directly across from a signalized intersection with a major power center development called Kingsport Pavilion, which includes retailers such as Target, Burlington, and Michaels. The Shoppes on East Stone share the main traffic light entrance with a freestanding Eastman Credit Union and an Aldi Supermarket. East Stone Drive is one of the primary retail corridors in the area, experiencing consistently strong traffic volumes. Additional operations within close proximity on East Stone Drive include Lowe’s Home Improvement, Panda Express, Ulta, Firestone, and dealerships for Honda, Toyota, Lexus, Ford, and Volkswagen, as well as Freddy's Frozen Custard & Steakburgers and Napa Auto Parts, to name a few. This offering presents an astute investor with the opportunity to acquire a well-constructed, grocery-shadow-anchored retail center with the ability to increase yield going forward.