Corporate Subway Strip Center · 2018. 12. 18. · Corporate Subway Strip Center 1890 Berryhill Rd,...

Corporate Subway Strip Center

1890 Berryhill Rd, Cordova, TN 38106

James Capital Advisors

Marketing Package

Corporate Subway Strip CenterCordova, TN




The Offering

$2,213,230.00

8.50%

$188,124.57

$127.49

$10.84

Tony Anderson

(424) 325-2615

SUBMIT OFFER

FINANCIAL SUMMARYPurchase Price

Cap Rate

Net Operating Income

Price / SF

Rent / SF

Listing Agent

Phone Number

Email

PROPERTY INFOTenant

Street Address

City

State

Zip

APN

GLA

Lot Size

Year Built

The Shoppes at Cordova

1890 Berryhill Rd

Cordova

TN

38016

D02-09I- -A-00139

17,360 SF

1.69 AC

2002

INVESTMENT HIGHLIGHTSRare Subway Corporate LeaseRare Corporate Subway with recent early lease extension at the request of the tenant - 9 years remain on the base term.

Strong DemographicsAverage household income within 1-mile exceeds $103,000, which is almost double the national average.

Neighboring SchoolThe property sits directly adjacent to Cordova High School, which has over 2,400 students currently enrolled. The current tenant mix caters to the local area with four restaurants, barbershop and dollar store.

Tenant Base Serves Densely Populated Residential AreaIdeally located in a dense residential area - there are 405,000 people within a ten-mile radius of the subject property.

mailto: [email protected]?subject=LOI - The Shoppes at Cordova - Cordova, TN




Property Image




Lease Summary

INVESTMENT HIGHLIGHTSHard Signalized Corner Catty-corner to Walgreen’s, this property is in a prime location with great visibility on Berryhill Road.

Unique Building Type The construction features a rare brick exterior and concrete slab with a quality interior finish.

Triple Net (NNN) leases with Annual IncreasesThis multi-tenant property features staggered lease expirations with annual increases.

Recent Capital Improvements The asphalt parking lot was recently redone with a fresh seal coat in 2013.




INCOME

OCCUPIED SPACE

AVAILABLE SPACE AT MARKET

GROSS RENT POTENTIAL INCOME

Vacancy Allowance (5%)

Expense Reimbursements

TOTAL INCOME

EXPENSES

Real Estate Taxes

Insurance

Management Fee

CAM

TOTAL OPERATING EXPENSES

NET OPERATING INCOME

INCOME & EXPENSE

$216,961.57

$0

$216,961.57

$11,000

$65,001.28

$270,962.85

$29,237.76

$9,526.65

$13,474.55

$30,136.83

$82,375.79

$188,717.57

Income & Expense




Property Image




Rent Schedule

NNN

NNN

NNN

NNN

NNN

NNN

NNN

NNN

NNN

NNN

1,680 (9.68%)

1,400 (8.06%)

1,400 (8.06%)

1,400 (8.06%)

1,400 (8.06%)

1,400 (8.06%)

2,800 (16.13%)

1,400 (8.06%)

2,135 (12.3%)

2,345 (13.51%)

17,360 (100%)

$26,345.34

$20,061.00

$19,475.00

$18,550.00

$19,308.00

$19,475.00

$26,006.88

$17,150.04

$27,755.00

$25,795.00

$25,578.00

$19,668.43

$19,475.76

$17,850.00

$19,308.38

$19,475.00

$25,256.00

$16,800.00

$27,755.00

$25,795.00

$216,961.57

3/31/2023

8/31/2027

1/31/2021

3/31/2020

12/31/2019

1/31/2019

12/31/2020

2/28/2021

4/30/2022

12/31/2024

9/20/2007

2/20/2012

2/20/2014

5/4/2012

9/27/2013

11/1/2015

1/1/2016

6/19/2015

5/1/2017

1/1/2019

Rayford’s

Subway

Mimi’s Nails

China Taste

Dollar Days Plus

CJ’s First Class Cuts

Cordova Catfish

Bare Skincare

Berryhill Quick Mart (Dark)

Fit Body Camp*

TOTAL

LEASE TYPEGLAINCREASES TOANNUAL RENT (BASE RENT)LEASE EXPIRATIONLEASE COMMENCEMENTRent Schedule

* Fit Body Camp LOI signed. Landlord is currently negotiating the lease.




Location Overview

CORDOVA, TNSituated in the Memphis MSAMemphis has a rising population of 670,000 people and offers over 60 well-known and unique tourist attractions.

Wealthy Memphis Suburb Cordova, one of the wealthiest suburbs in the Memphis area, has an average household income of $103,000 within a one mile radius of the subject property.

Near Memphis University Located just 14 miles from the subject property is Memphis University, the third largest college in the state with over 17,000 students enrolled.

LOCATION OVERVIEWCompelling Memphis DemographicsThe Memphis MSA is the second largest MSA in Tennessee and a top-50 MSA by population in the United States.

Continuously Strong Sales in Surrounding AreaRegardless of the downturn that other metro areas have experienced in recent years, investment activity in the Memphis-area has remained constant and trends upwards.

Home to FedEx Super HubIn 2018, FedEx announced an investment of $1 billion to upgrade and expand its Memphis hub, serving as a major economic driver for the city. FedEx employs 30,000 people in the Memphis-area.




Retail Aerial




Site Plan




Demographics

Wealthy Memphis Suburb Cordova, one of the wealthiest suburbs in the Memphis area, has an average household income of $103,000 within a one mile radius of the subject property.

10 MILE

153,925

154,295

153,453

$94,421

$71,687

5 MILE

43,371

43,748

44,855

$88,580

$71,743

3 MILE

23,577

23,724

24,017

$89,926

$73,690

1 MILE

2,674

2,694

2,745

$102,998

$86,319

HOUSEHOLDS

2023 Projection

2018 Estimate

2010 Census

HOUSEHOLDS

Avg. HH Income

Med. HH Income

10 MILE

404,429

405,228

402,229

5 MILE

112,254

113,147

115,622

3 MILE

59,289

59,621

60,191

1 MILE

7,479

7,531

7,659

DEMOGRAPHICSPOPULATION

2023 Projection

2018 Estimate

2010 Census




DISCLAIMERThe information contained in this Marketing Brochure has been obtained from sources believed to be reliable. However, James Capital Advisors, Inc. & Blacktide Real Estate Advisors (“Broker”) has not, and will not, verify any of this information, nor has Broker conducted, nor will it conduct, any investigation regarding these matters. Broker makes no representations, guarantees or warranties of any nature about the accuracy or completeness of any information provided. The information provided in this brochure is in no way a substitute for a thorough due diligence investigation by Buyer. Broker has made no investigation of, and has made no representations, guarantees, or warranties of any nature, with regard to income and expenses for this property nor the future financial performance of the property. In addition, Broker has made no investigation of, and has made no representations, guarantees or warranties as to the size and square footage of the property, the presence of any contaminating substances at the property, the physical condition of the property or compliance with any State, Local or Federal regulations. In addition, Broker has made no investigation of, and has made no representations, guarantees or warranties of any nature, with regard to the financial condition or future financial condition of any tenants, nor any future plans or intentions of tenants with regard to the continued occupancy of the property. All parties are aware that Broker has no affirmative obligation to conduct a due diligence examination of the property for any Buyer. Any and all projections or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property.

The value of the property to any Buyer depends on numerous factors that must be evaluated by Buyer and Buyer’s legal, tax, construction and financial advisors. Buyer and Buyer’s advisors should conduct a thorough, independent investigation of the property to determine its suitability for Buyer’s intended usage. This investment, as with all real estate investments, carries a substantial risk. As such, Buyer and Buyer’s legal and financial advisors are strongly advised to request and review all legal and financial documentations related to the property and tenants.

A tenant’s past performance is not a guarantee of future performance. The lease rate stated for some properties may be based on a tenant’s projected sales with little or no record of actual performance or comparable rents for the area in question. Returns are in no way guaranteed. Tenants may fail to pay the rent or property taxes or any other tenant obligations under the terms of the lease. Regardless of tenant’s history of performance, and/or any lease guarantors and/or guarantees, Buyer is responsible for conducting Buyer’s own investigation of all matters related to any and all tenants and lease agreements. Broker is not, in any way, responsible for the performance of any tenant or for any breach or default by any tenant of any terms of any lease agreement related to the property. Further, Buyer is responsible for conducting Buyer’s own independent investigation of all matters related to the value of the property, including, but not limited to, the value of any long term leases. Buyer must carefully evaluate the possibility of tenants vacating the property or breaching their leases and the likelihood and financial impact of being required to find a replacement tenant if the current tenant should default and/or abandon the property. Buyer must also evaluate Buyer’s legal ability to make alternate use of the property in the event of a tenant abandonment of the property.

CONFIDENTIALITYThis Marketing Brochure and the information contained within, is propriety and strictly confidential. It is intended to be used only by the party receiving it from Broker. It should not be made available to any other person or entity without the express written consent of Broker.

RELEASEThis Marketing Brochure has been prepared to provide basic, unverified information for prospective purchasers. By accepting this Marketing Brochure, the recipient agrees to release and hold harmless Broker. from any claim, demand, liability or loss arising out, or relating in any way, to the information contained in this Marketing Brochure and from Buyer’s investigation of the property.

NON-ENDORSEMENTBroker is not affiliated with, endorsed by or sponsored in any way by any tenant or lessee identified in this Marketing Brochure. The presence of any entity’s logo or name is not intended in any way to indicate affiliation, sponsorship or endorsement by said entity of Broker.

Disclaimer




Contact Information

Contact Information

SUBMIT OFFER

Jeremy JustBlacktide Real Estate Advisors

Firm Lic. No. 340151

Tony AndersonVice President

(424) [email protected] RE Lic. 01936642

mailto: [email protected]?subject=LOI - The Shoppes at Cordova - Cordova, TN

Corporate Subway Strip Center · 2018. 12. 18. · Corporate Subway Strip Center 1890 Berryhill Rd,...

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