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Shopping Strip

Patriot Square

815 Exocet Dr, Memphis, TN 38018

Listing Price: $5,950,000

Cap Rate
8.50%
Gross SF
51,619
Rentable SF
51,619
Price/Gross SF
$115.27
Lot Size
3.86 acres
Year Built
1997

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire a 100 percent fee simple interest in Patriot Square, (“The Property”), a 100 percent leased, 51,619 square-foot multi-tenant neighborhood shopping center located in Cordova, Tennessee (Memphis MSA).

The Property is strategically located along N Germantown Pkwy (58,000 Vehicles per Day), which serves as the major retail corridor for the Cordova market. The immediate trade area is host to a surplus of investment-grade and national tenants.

The current tenant lineup features 16 tenants offering staggered lease expirations and boasts a diverse, well-established mix of tenants including restaurants, health, beauty, and service-oriented tenants. The Property has been well maintained with numerous recent upgrades including a new roof in 2018 with 15-year warranty. Over the last three years, ownership has converted six leases from Gross to Triple Net providing stable and predictable cash flows for a new owner.

Located in the Cordova submarket, the Property features affluent demographics with 5-mile average household incomes exceeding $100,000. N Germantown Pkwy within Cordova is considered one of the most desirable retail locations in the entire MSA.

The Property is being offered free and clear of debt for an 8.50% cap rate totaling $5,950,000.

Investment Highlights

  • Strong Demographics
  • New Triple-Net Lease
  • Major Retail Corridor

Exclusively Listed By

  • Alex Perez

    Managing Director Investments

    (314) 889-2525

    Email Alex

    License(s): MO: 2000163389 , NE: 20230231, IL: 475199830, AL: 000164341 - 0

    St. Louis

  • Chris Garavaglia

    Managing Director Investments

    (314) 889-2552

    Email Chris

    License(s): MO: 2015042068, NE: 20240127

    St. Louis

Broker of Record

  • Jody McKibben

    First Vice President/Regional Manager

    (615) 997-2800

    License(s) TN: 307629

    Tennessee

Shopping Strip

Patriot Square

Listing Price: $5,950,000

Cap Rate
8.50%
Gross SF
51,619
Rentable SF
51,619
Price/Gross SF
$115.27
Lot Size
3.86 acres
Year Built
1997

Investment Highlights

  • Strong Demographics
  • New Triple-Net Lease
  • Major Retail Corridor

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire a 100 percent fee simple interest in Patriot Square, (“The Property”), a 100 percent leased, 51,619 square-foot multi-tenant neighborhood shopping center located in Cordova, Tennessee (Memphis MSA). The Property is strategically located along N Germantown Pkwy (58,000 Vehicles per Day), which serves as the major retail corridor for the Cordova market. The immediate trade area is host to a surplus of investment-grade and national tenants. The current tenant lineup features 16 tenants offering staggered lease expirations and boasts a diverse, well-established mix of tenants including restaurants, health, beauty, and service-oriented tenants. The Property has been well maintained with numerous recent upgrades including a new roof in 2018 with 15-year warranty. Over the last three years, ownership has converted six leases from Gross to Triple Net providing stable and predictable cash flows for a new owner. Located in the Cordova submarket, the Property features affluent demographics with 5-mile average household incomes exceeding $100,000. N Germantown Pkwy within Cordova is considered one of the most desirable retail locations in the entire MSA. The Property is being offered free and clear of debt for an 8.50% cap rate totaling $5,950,000.

Exclusively Listed By

  • Alex Perez

    Managing Director Investments

    (314) 889-2525

    Email Alex

    License(s): MO: 2000163389 , NE: 20230231, IL: 475199830, AL: 000164341 - 0

    St. Louis

  • Chris Garavaglia

    Managing Director Investments

    (314) 889-2552

    Email Chris

    License(s): MO: 2015042068, NE: 20240127

    St. Louis

Broker of Record

  • Jody McKibben

    First Vice President/Regional Manager

    (615) 997-2800

    License(s): TN: 307629

    Tennessee

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