302 College Street E., Fayetteville, TN 37334
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.
License(s): TN: 307629
Tennessee
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.
License(s): TN: 307629
Tennessee