Shopping Strip

Regions Bank Building | 10-Year Extension

302 College Street E., Fayetteville, TN 37334

Listing Price: $1,508,000

Cap Rate
6.46%
Gross SF
15,848
Rentable SF
15,848
Price/Gross SF
$95.15
Lot Size
0.78 acres
Year Built
1960

Investment Overview

The subject property is a 15,848+/- square foot 2-story building in the heart of downtown Fayetteville, TN. Approximately 64% leased currently, there is opportunity for significant upside in leasing the remaining 5,806+/- square feet that was just renovated. The building also features a roof that is just 4 years old. Regions Bank occupies the entire first floor, and have been a tenant in this building since 2006. They recently extended the lease for a new 10-year term that is not scheduled to expire until 2030. The lease reflects 1.25% annual increases and reimbursement for CAM, taxes and insurance. This is a strong branch for Regions, as evident by the historical 15-year occupancy as well as the strong $84+ million in bank deposits. The State of Tennessee occupies a portion of the upstairs for the TN Public Defenders Office. They have been a tenant since 2016 when they signed a 6-year lease. Their lease does feature a termination option by Tenant or landlord, with 60-days notice. The vacancy space of 5,806+/- square feet is located upstairs and was just renovated with painting, new carpet and lighting. This vacant space offers an investor strong upside with leasing potential for additional income.

Investment Highlights

  • Only 64% Leased | Strong Upside In Leasing Vacancy
  • Anchored By Regions Bank | Investment Grade Tenant
  • 15-Year Historical Occupancy for Regions Bank | Just Extended for 10 More Years
  • 1.25% Annual Increases for Regions Bank
  • Strong Bank Branch Deposits of $84+ Million
  • 2% Annual Increases for TN Public Defenders

Exclusively Listed By

  • Robby Pfeiffer

    Senior Vice President Investments

    Email Robby

    License(s): GA: 281335, AL: 000091407-1

    Atlanta

Broker of Record

  • Jody McKibben

    Vice President / Regional Manager

    License(s): TN: 307629

    Tennessee

Shopping Strip

Regions Bank Building | 10-Year Extension

Listing Price: $1,508,000

Cap Rate
6.46%
Gross SF
15,848
Rentable SF
15,848
Price/Gross SF
$95.15
Lot Size
0.78 acres
Year Built
1960

Investment Highlights

  • Only 64% Leased | Strong Upside In Leasing Vacancy
  • Anchored By Regions Bank | Investment Grade Tenant
  • 15-Year Historical Occupancy for Regions Bank | Just Extended for 10 More Years
  • 1.25% Annual Increases for Regions Bank
  • Strong Bank Branch Deposits of $84+ Million
  • 2% Annual Increases for TN Public Defenders

Investment Overview

The subject property is a 15,848+/- square foot 2-story building in the heart of downtown Fayetteville, TN. Approximately 64% leased currently, there is opportunity for significant upside in leasing the remaining 5,806+/- square feet that was just renovated. The building also features a roof that is just 4 years old. Regions Bank occupies the entire first floor, and have been a tenant in this building since 2006. They recently extended the lease for a new 10-year term that is not scheduled to expire until 2030. The lease reflects 1.25% annual increases and reimbursement for CAM, taxes and insurance. This is a strong branch for Regions, as evident by the historical 15-year occupancy as well as the strong $84+ million in bank deposits. The State of Tennessee occupies a portion of the upstairs for the TN Public Defenders Office. They have been a tenant since 2016 when they signed a 6-year lease. Their lease does feature a termination option by Tenant or landlord, with 60-days notice. The vacancy space of 5,806+/- square feet is located upstairs and was just renovated with painting, new carpet and lighting. This vacant space offers an investor strong upside with leasing potential for additional income.

Exclusively Listed By

  • Robby Pfeiffer

    Senior Vice President Investments

    Email Robby

    License(s): GA: 281335, AL: 000091407-1

    Atlanta

Broker of Record

  • Jody McKibben

    Vice President / Regional Manager

    License(s): TN: 307629

    Tennessee

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