Shopping Strip
Patriot Square
815 Exocet Dr, Memphis, TN 38018
Listing Price: $5,950,000
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
Listing Price: $5,950,000
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.

