Grocery-Anchored Shopping Center | 7.4% Cap Rate
129-145 Commons Drive
Martin, TN 38237
Highlights
- Grocery-anchored investment opportunity with 5 years remaining on E.W. James & Sons’ lease
- Strong tenant mix with 88.8% of the center occupied by national credit tenants and all tenants have NNN leases
- Constructed in 2013 with limited capital improvements required in the near future
- Located directly adjacent to University of Tennessee at Martin with a student population over 6,700
- All tenants with options exercised their right to renew
- Bull Realty TN License #259046
Description
Bull Realty is pleased to present the opportunity to acquire University Commons; a ±37,082 square foot grocery anchored shopping center ideally located in Martin, TN. The property is 100% occupied with a strong mix of national and regional credit tenants. The anchor tenant, E.W. James & Sons has over 5 years remaining on their lease and the weighted average lease term remaining for the
center is over 4 years.
University Commons is located directly adjacent to The University of Tennessee at Martin, which has a student population of over 6,700. The property is positioned near many other national brands including Walmart, CVS, T-Mobile, Advance Auto Parts, and Burkes Outlet. Excellent monument signage provides maximum visibility along Skyhawk Parkway with quick highway access and cross
easements to nearby retailers. The property is also only a 15-minute drive from Union City, where E.W. James & Sons is headquartered, with a population of 13,923 in a 5-mile radius.
Built in 2013, the property has limited capital improvements required in the near future. Dollar Tree and Factory Connection just renewed for 5 years and all of the leases provide for scheduled rent increases. all tenants have a scheduled base rent increase by the end of 2023. University Commons is available for $4,415,000 which delivers it to market at a 7.4% cap rate.
Martin, TN
