Mark A. Greene, American Heritage Center Dennis Meissner, Minnesota Historical Society
Merchant’s Greene Shopping Center€¦ · Marcus & Millichap is pleased to exclusively present...
Transcript of Merchant’s Greene Shopping Center€¦ · Marcus & Millichap is pleased to exclusively present...
2017 Construction32,000 Vehicles Per DayStrong Tenant Mix
Walmart Outparcel100 Percent LeasedNew Retail Corridor
Merchant’s Greene Shopping Center4329-4327 W Andrew Johnson Highway • Morristown, Tennessee 37814
NON-ENDORSEMENT AND DISCLAIMER NOTICE
CONFIDENTIALITY AND DISCLAIMER
THE INFORMATION CONTAINED IN THE FOLLOWING MARKETING BROCHURE IS PROPRIETARY AND STRICTLY CONFIDENTIAL. IT IS INTENDED TO BE REVIEWED ONLY BY THE PARTYRECEIVING IT FROM MARCUS & MILLICHAP AND SHOULD NOT BE MADE AVAILABLE TO ANY OTHER PERSON OR ENTITY WITHOUT THE WRITTEN CONSENT OF MARCUS & MILLICHAP.THIS MARKETING BROCHURE HAS BEEN PREPARED TO PROVIDE SUMMARY, UNVERIFIED INFORMATION TO PROSPECTIVE PURCHASERS, AND TO ESTABLISH ONLY A PRELIMINARYLEVEL OF INTEREST IN THE SUBJECT PROPERTY. THE INFORMATION CONTAINED HEREIN IS NOT A SUBSTITUTE FOR A THOROUGH DUE DILIGENCE INVESTIGATION. MARCUS &MILLICHAP HAS NOT MADE ANY INVESTIGATION, AND MAKES NO WARRANTY OR REPRESENTATION, WITH RESPECT TO THE INCOME OR EXPENSES FOR THE SUBJECT PROPERTY, THEFUTURE PROJECTED FINANCIAL PERFORMANCE OF THE PROPERTY, THE SIZE AND SQUARE FOOTAGE OF THE PROPERTY AND IMPROVEMENTS, THE PRESENCE OR ABSENCE OFCONTAMINATING SUBSTANCES, PCB'S OR ASBESTOS, THE COMPLIANCE WITH STATE AND FEDERAL REGULATIONS, THE PHYSICAL CONDITION OF THE IMPROVEMENTS THEREON, ORTHE FINANCIAL CONDITION OR BUSINESS PROSPECTS OF ANY TENANT, OR ANY TENANT'S PLANS OR INTENTIONS TO CONTINUE ITS OCCUPANCY OF THE SUBJECT PROPERTY. THEINFORMATION CONTAINED IN THIS MARKETING BROCHURE HAS BEEN OBTAINED FROM SOURCES WE BELIEVE TO BE RELIABLE; HOWEVER, MARCUS & MILLICHAP HAS NOT VERIFIED,AND WILL NOT VERIFY, ANY OF THE INFORMATION CONTAINED HEREIN, NOR HAS MARCUS & MILLICHAP CONDUCTED ANY INVESTIGATION REGARDING THESE MATTERS ANDMAKES NO WARRANTY OR REPRESENTATION WHATSOEVER REGARDING THE ACCURACY OR COMPLETENESS OF THE INFORMATION PROVIDED. ALL POTENTIAL BUYERS MUST TAKEAPPROPRIATE MEASURES TO VERIFY ALL OF THE INFORMATION SET FORTH HEREIN. MARCUS & MILLICHAP IS A SERVICE MARK OF MARCUS & MILLICHAP REAL ESTATE INVESTMENTSERVICES, INC. © 2018 MARCUS & MILLICHAP. ALL RIGHTS RESERVED.
NON-ENDORSEMENT NOTICE
MARCUS & MILLICHAP IS NOT AFFILIATED WITH, SPONSORED BY, OR ENDORSED BY ANY COMMERCIAL TENANT OR LESSEE IDENTIFIED IN THIS MARKETING PACKAGE. THE PRESENCEOF ANY CORPORATION'S LOGO OR NAME IS NOT INTENDED TO INDICATE OR IMPLY AFFILIATION WITH, OR SPONSORSHIP OR ENDORSEMENT BY, SAID CORPORATION OF MARCUS& MILLICHAP, ITS AFFILIATES OR SUBSIDIARIES, OR ANY AGENT, PRODUCT, SERVICE, OR COMMERCIAL LISTING OF MARCUS & MILLICHAP, AND IS SOLELY INCLUDED FOR THEPURPOSE OF PROVIDING TENANT LESSEE INFORMATION ABOUT THIS LISTING TO PROSPECTIVE CUSTOMERS.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
MERCHANT’S GREENE SHOPPING CENTERMorristown, TNACT ID ZAA0480016
NET LEASED DISCLAIMER
MARCUS & MILLICHAP HEREBY ADVISES ALL PROSPECTIVE PURCHASERS OF NET LEASED PROPERTY AS FOLLOWS:
THE INFORMATION CONTAINED IN THIS MARKETING BROCHURE HAS BEEN OBTAINED FROM SOURCES WE BELIEVE TO BE RELIABLE. HOWEVER, MARCUS & MILLICHAP HAS NOT ANDWILL NOT VERIFY ANY OF THIS INFORMATION, NOR HAS MARCUS & MILLICHAP CONDUCTED ANY INVESTIGATION REGARDING THESE MATTERS. MARCUS & MILLICHAP MAKES NOGUARANTEE, WARRANTY OR REPRESENTATION WHATSOEVER ABOUT THE ACCURACY OR COMPLETENESS OF ANY INFORMATION PROVIDED.
AS THE BUYER OF A NET LEASED PROPERTY, IT IS THE BUYER’S RESPONSIBILITY TO INDEPENDENTLY CONFIRM THE ACCURACY AND COMPLETENESS OF ALL MATERIAL INFORMATIONBEFORE COMPLETING ANY PURCHASE. THIS MARKETING BROCHURE IS NOT A SUBSTITUTE FOR YOUR THOROUGH DUE DILIGENCE INVESTIGATION OF THIS INVESTMENTOPPORTUNITY. MARCUS & MILLICHAP EXPRESSLY DENIES ANY OBLIGATION TO CONDUCT A DUE DILIGENCE EXAMINATION OF THIS PROPERTY FOR BUYER.
ANY PROJECTIONS, OPINIONS, ASSUMPTIONS OR ESTIMATES USED IN THIS MARKETING BROCHURE ARE FOR EXAMPLE ONLY AND DO NOT REPRESENT THE CURRENT OR FUTUREPERFORMANCE OF THIS PROPERTY. THE VALUE OF A NET LEASED PROPERTY TO YOU DEPENDS ON FACTORS THAT SHOULD BE EVALUATED BY YOU AND YOUR TAX, FINANCIAL ANDLEGAL ADVISORS.
BUYER AND BUYER’S TAX, FINANCIAL, LEGAL, AND CONSTRUCTION ADVISORS SHOULD CONDUCT A CAREFUL, INDEPENDENT INVESTIGATION OF ANY NET LEASED PROPERTY TODETERMINE TO YOUR SATISFACTION WITH THE SUITABILITY OF THE PROPERTY FOR YOUR NEEDS.
LIKE ALL REAL ESTATE INVESTMENTS, THIS INVESTMENT CARRIES SIGNIFICANT RISKS. BUYER AND BUYER’S LEGAL AND FINANCIAL ADVISORS MUST REQUEST AND CAREFULLY REVIEWALL LEGAL AND FINANCIAL DOCUMENTS RELATED TO THE PROPERTY AND TENANT. WHILE THE TENANT’S PAST PERFORMANCE AT THIS OR OTHER LOCATIONS IS AN IMPORTANTCONSIDERATION, IT IS NOT A GUARANTEE OF FUTURE SUCCESS. SIMILARLY, THE LEASE RATE FOR SOME PROPERTIES, INCLUDING NEWLY-CONSTRUCTED FACILITIES OR NEWLY-ACQUIRED LOCATIONS, MAY BE SET BASED ON A TENANT’S PROJECTED SALES WITH LITTLE OR NO RECORD OF ACTUAL PERFORMANCE, OR COMPARABLE RENTS FOR THE AREA.RETURNS ARE NOT GUARANTEED; THE TENANT AND ANY GUARANTORS MAY FAIL TO PAY THE LEASE RENT OR PROPERTY TAXES, OR MAY FAIL TO COMPLY WITH OTHER MATERIALTERMS OF THE LEASE; CASH FLOW MAY BE INTERRUPTED IN PART OR IN WHOLE DUE TO MARKET, ECONOMIC, ENVIRONMENTAL OR OTHER CONDITIONS. REGARDLESS OF TENANTHISTORY AND LEASE GUARANTEES, BUYER IS RESPONSIBLE FOR CONDUCTING HIS/HER OWN INVESTIGATION OF ALL MATTERS AFFECTING THE INTRINSIC VALUE OF THE PROPERTYAND THE VALUE OF ANY LONG-TERM LEASE, INCLUDING THE LIKELIHOOD OF LOCATING A REPLACEMENT TENANT IF THE CURRENT TENANT SHOULD DEFAULT OR ABANDON THEPROPERTY, AND THE LEASE TERMS THAT BUYER MAY BE ABLE TO NEGOTIATE WITH A POTENTIAL REPLACEMENT TENANT CONSIDERING THE LOCATION OF THE PROPERTY, ANDBUYER’S LEGAL ABILITY TO MAKE ALTERNATE USE OF THE PROPERTY.
BY ACCEPTING THIS MARKETING BROCHURE YOU AGREE TO RELEASE MARCUS & MILLICHAP REAL ESTATE INVESTMENT SERVICES AND HOLD IT HARMLESS FROM ANY KIND OFCLAIM, COST, EXPENSE, OR LIABILITY ARISING OUT OF YOUR INVESTIGATION AND/OR PURCHASE OF THIS NET LEASED PROPERTY.
SONIC PORTFOLIO
TABLE OF CONTENTSSECTION I
FINANCIAL ANALYSIS
SECTION II
INVESTMENT OVERVIEW
FINANCIAL ANALYSIS
SECTION I
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PROPERTY OVERVIEW
This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap Act ID ZAA0480016
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FINANCIAL OVERVIEW
Shopping Center Price: $6,400,000
Price/SF: $255
ANNUALIZED OPERATING DATA
TENANTS
Current Per Sq. Ft
Base Rent $520,058 $20.72
CAM Collected $92,506 $3.69
Vacancy Factor (5%) $26,003 $1.04
Total Expenses $118,894 $4.74
Net Operating Income $467,667 $18.63
CAM Expenses $47,570 $1.90
Management Fees (3% Base Rent) $15,602 $0.62
Insurance $5,522 $0.22
Property Taxes $50,200 $2.00
Total Operating Expenses $118,894 $4.74
DETAILS
Property Address: 4329-4327 W Andrew Johnson Highway
City, State, Zip: Morristown, Tennessee 37814
Estimated Building Size (SF): 25,100 SF
Lot Size SF/Acres: 3.72 Acres
Year Built: 2017
Current Occupancy: 100%
CAP Rate: 7.31%
INVESTMENT OVERVIEW
SECTION II
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INVESTMENT SUMMARY DEMOGRAPHICS
POPULATION 1-Mile 3-Mile 5-Mile
2022 Projection 2,339 14,498 41,028
2017 Estimate 2,237 14,235 40,250
2010 Census 2,203 13,976 39,442
INCOME 1-Mile 3-Mile 5-Mile
Average $59,927 $64,036 $53,457
Median $40,799 $44,639 $36,751
Per Capita $23,761 $24,308 $20,722
HOUSEHOLDS 1-Mile 3-Mile 5-Mile
2022 Projection 932 5,544 15,941
2017 Estimate 887 5,375 15,409
2010 Census 885 5,346 15,320
INVESTMENT HIGHLIGHTS
Regional Retail Shopping Center2017 ConstructionWalmart Outparcel
Marcus & Millichap is pleased to exclusively present Merchant’s GreeneShopping Center, an 11 tenant, triple-net lease retail center located inMorristown, Tennessee. The subject property is on 3.72 acres with 136surface parking spaces available. The buildings consist of 25,100 square feetand were constructed in 2017.
This center is surrounded by a mixture of local, regional, and national marketdrivers including retail stores, county schools, and grocery stores. The city ofMorristown is currently developing a 55-acre site for city offices whileCovenant Health/Morristown Hamblen Hospital recently purchased 35 acresbehind the Walmart to develop a new hospital campus. The property offerseasy ingress and egress at three points of the parking lot. Traffic count is over32,000 vehicles per day.
Morristown, Tennessee is ranked 14th in the country in job growth and 5thin growing incomes. The population within a five-mile radius isapproximately 40,000. National and regional tenants within immediate tradeareas include the following: Walmart, Aldi, Texas Roadhouse, Wells Fargo,Ingles Markets, Honda Motor Company, and Firehouse Subs to name a few.
This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap Act ID ZAA0480016
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Surrounded by New DevelopmentMix of National and Regional TenantsSituated on Main Retail Corridor
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This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap Act ID ZAA0480016
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Cheri’s Nail Bar 24/7 Workout CenterCheri’s Hair Salon
Tenant Name Rentable SF Pro Rata Share
Cheri’s Nail Bar 1,600 6.37%
Cheri’s Hair Salon 1,600 6.37%
24/7 Workout Center 7,000 27.89%
Hamblen County Republican Party 1,600 6.37%
Farm Bureau Insurance 1,600 6.37%
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This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap Act ID ZAA0480016
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Tenant Name Rentable SF Pro Rata Share
Mariner Finance 2,400 20.5%
Cricket Wireless 1,200 10.3%
CBD Plus USA 1,600 13.7%
Deja Vape 1,600 13.7%
Sport Clips 1,200 10.3%
Bravo’s 3,700 31.6%
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Property Address 4329-4347 W Andrew Johnson Highway
City, State, Zip Morristown, Tennessee 37814
Estimated Building Size 25,100 SF
Lot Size Acres 3.72 Acres
Year Built 2017
PROPERTY OVERVIEW
TENANT SIZE/SF PRO RATA SHARE LEASE EXPIRES MONTHLY RENT ANNUAL RENT RENT/SF CAM Taxes InsuranceCheri’s Nail Bar 1,600 6.37% April, 2027 $2,667 $32,000 $20.00 $4,785 $3,533 $658
Cheri’s Hair Salon 1,600 6.37% April, 2027 $2,667 $32,000 $20.00 $4,785 $3,533 $658 24/7 Workout
Center7,000 27.89% 10 Year (pending) $12,750 $153,000 $21.86 $10,500 $7,700 $1,435
Hamblen County Republican Party
1,600 6.37% Month to Month $3,333 $40,000 $25.00 $5,250 $1,760 $328
Farm Bureau Insurance
1,600 6.37% January, 2028 $2,533 $30,400 $19.00 $2,400 $1,760 $400
Mariner Finance 2,400 9.56% April, 2024 $4,284 $51,408 $21.42 $4,200 $2,640 $600
Cricket Wireless 1,200 4.78% June, 2022 $2,100 $25,200 $21.00 $3,692 $2,650 $493
CBD Plus USA 1,600 6.37% March, 2029 $2,800 $33,600 $21.00 $2,800 $1,760 $400
Deja Vape 1,600 6.37% April, 2022 $2,400 $28,800 $18.00 $2,940 $1,760 $658
Sport Clips 1,200 4.78% May, 2022 $2,100 $25,200 $21.00 $2,205 $1,320 $246
Bravo’s 3,700 14.74% April, 2022 $5,704 $68,450 $18.50 $6,799 $6,625 $1,233
TOTALS 25,100 100% $43,338 $520,058 $50,356 $35,041 $7,109
RENT ROLL
This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap Act ID ZAA0480016
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This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap Act ID ZAA0480016
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This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap Act ID ZAA0480016
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Subject Property
Cheri’s Nail Bar
24/7 WorkoutCheri’s Hair Salon
Merchant’s Greene – Morristown, Tennessee
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This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap Act ID ZAA0480016
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Subject Property
Cheri’s Nail Bar
24/7 WorkoutCheri’s Hair Salon
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A Baltimore-based company, MarinerFinance, with its affiliates, nowfeatures over 450 branches in 22states throughout the country. Witha growing number of employees,superior customer service remainsthe cornerstone of Mariner Finance’sbusiness. They pride themselves indelivering a variety of loans offeredby their competitors with anenhanced focus on exceptionalservice. They work with customers tofind options that are beneficial to thecustomer’s specific needs, which iswhy they are recognized as thecommunity’s consumer financecompany of choice.Website: www.marinerfinance.com
Cricket Wireless LLC is aprepaid wireless service provider inthe United States and a wholly ownedsubsidiary of AT&T Inc. It offers mobilevoice, text, and data using parentAT&T's nationwide network. CricketWireless was founded in 1999 by LeapWireless International, Inc. On July 12,2013, AT&T Inc. agreed to acquireCricket's parent company LeapWireless International for $1.2 billion.You want to stay connected to friends,family and work? Cricket's got youcovered with a reliable cell phonenetwork that gives you more 4G LTEcoverage nationwide than T-Mobile,MetroPCS, Sprint or Boost.Website: www.cricketwireless.com
Since 2017, CBD Plus USA has beenworking to become the largest, mosttrusted supplier of CBD-related productsnationwide. As more and more studiesvalidate the medical potential of CBD, itwill continue to gain awareness andmainstream acceptance as an all-naturalalternative health solution. CBD Plus wasfounded with a culture of hard work,respect, support and commitment totheir core value: helping others. Withthose principles in mind, their ultimategoal is to become the authoritativesource and number-one choice for CBD.They strive to educate the public aboutthe many health benefits of CBD. Theyhope to capitalize on this growingindustry by assisting their customers andbanishing the stigma surrounding CBDand other forms of all-natural care andhealing.Website: www.cbdplususa.com
This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap Act ID ZAA0480016
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Te n a n t O v e r v i e w
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Deja Vape is dedicated to carrying high-quality vapor products and accessoriesin their Morristown, Tennessee stores.Their product selection is quiteextensive and they also have the oneand only e-liquid bar and lounge in thearea. They strive to carry the bestpremium e-liquids on the market thatare all 100 percent USA made. Relax,test all of their flavors, and just enjoyvaping with their friendly staff. They arehere to help the customer find exactlywhat they are looking for.Website: www.dejavape.com
Sport Clips is like no other place you’veever gotten your hair cut with televisionseverywhere playing sports and stylists whoknow how to give the haircut the customerneeds. Walk-ins are welcome and you’llwalk out feeling like an MVP. At Sport ClipsHaircuts they believe in giving back to thecommunities in which they live andwork. Through their Haircuts with Heartprograms, Sport Clips’ team membersembrace charitable endeavors that make adifference in the lives of veterans, familiesand children. The spirit of giving isdemonstrated by the generous donation oftime and contributions raised and isrepresentative of the Sport Clips’ values.Do your best. Do what’s right. Treatothers the way they want to be treated.Website: www.sportclips.com
Bravo’s Mexican Grill is a new concept ofauthentic Mexican Food where thecustomers will find high-quality and freshMexican food accompanied with a nicerestaurant atmosphere created by theupscale Mexican decorations and accents.Customers enjoy their meal with friendlyLatin music setting the mood. From thehostess to the kitchen, our staff is welltrained and focused on customer service tohelp create a positive dining experience.Bravo’s Mexican Grill is a contemporaryMexican restaurant that offers greatMexican food, great service and greatatmosphere.Website: www.facebook.com/bravosmexicangrill423
This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap Act ID ZAA0480016
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Te n a n t O v e r v i e w
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Cheri’s Nail Bar and Cheri’s Hair Salonare both locally owned and operatednail and hair salon businesses. The NailBar specializes in manicure anddecoration of women’s fingernails. Theirfriendly staff and clean salon equipmentcreates a pleasant atmosphere for aquiet escape. The Hair Salon serves theclientele with the latest trends andstyles in hair fashion. Walk-ins arewelcome as you lose yourself in a newlook and a creative expression.Website: www.facebook.com/Cheri-Nail-Bar-309376029532465/
Farm Bureau Insurance began sellingproperty and casualty policies inTennessee in 1948. Farm BureauInsurance's life company was launched in1973. It is one of the largest writers ofindividual life insurance in the state ofTennessee. Farm Bureau Insuranceoperates 16 regional claims centersthroughout Tennessee and employs morethan 350 claims professionals who arededicated to prompt and caring service forthose who have sustained a loss. Membersenjoy discounts on a wide array of goodsand services, have access to health andsafety programs, and receive an award-winning membership magazine four timesa year. The Tennessee Farm Bureau is thenation's largest state Farm Bureauorganization, with more than 655,000member families. The success of theinsurance operations in Tennessee helpsdrive that figure. Farm Bureau Insurancecovers one in four people in Tennessee.Website: www.fbitn.com
This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap Act ID ZAA0480016
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Te n a n t O v e r v i e w
REPUBLICAN PARTY
Cheri’s Nail Bar & Cheri’s Hair Salon
Website:www.facebook.com/pages/Hamblen-County-Republican-Headquarters/100153774179561
24/7 Workout CenterWith today’s busy lives, the majorobstacle to staying fit isnot motivation, it’s convenience. At24/7 Workout, they’re there for you,24/7. It’s hard to find time in the dayto workout. That’s why they havedeveloped a proven way to makefitness easy and convenient.
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This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap Act ID ZAA0480016
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RATIOS & PARKING
Floor Area Ratio 0.15 (Based on Leasable SF)
Parking Ratio 5.44 (Per 1,000 SF)
SITE
Zoning Commercial
FEMA Flood Map No. 47063C0130E
Flood Zone N/A (Flood Insurance Not Required)
Primary Land Area 3.72 Acres
EXISITING IMPROVEMENTS
Gross Building Area (GBA) 25,100 SF
Number of Units 11
Number of Buildings 2
Year Built 2017
Surface Parking 136 Spaces
STRUCTURAL CHARACTERISTICS
Foundation Concrete Slab
Building Frame Masonry
Exterior Walls Brick, Stone, Stucco & Glass
Roof Type/ Material Flat/TPO
INTERIOR CHARACTERISTICS
Floors Carpet/Tile
Walls Drywall
Ceilings Exposed/Acoustical Tile
Lighting Fluorescent and Incandescent
MECHANICAL SYSTEMS
Heating Electric
Air Conditioning Electric
Gas N/A
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DEMOGRAPHICS OVERVIEWKNOXVILLE
The Knoxville metro area is centered in the eastern portion of Tennessee
and is the third largest market after Nashville and Memphis. The metro
consists of nine counties: Anderson, Blount, Campbell, Grainger, Knox,
Loudon, Morgan, Roane and Union. The local economy centers primarily
around economic hubs created by the University of Tennessee and Great
Smokey Mountain tourism. The city of Knoxville is the county seat of
Knox County and is home to 186,000 residents.
Technology and research activities are also growing in the metro, with multiple National Science Foundation-funded centers associated with the University of Tennessee. In addition, multiple research and development firms are located in the Tennessee Technology Corridor.
Diversification has brought major employers a variety of industries such as media and healthcare with companies like Regal Entertainment Group, Scripps Networks Interaction and TeamHealth.
While diversifying from its manufacturing roots into media and professional service jobs, the metro still houses big manufacturing operations, including a Coca-Cola bottling plant.
DEMOGRAPHICS
ECONOMY
METRO HIGHLIGHTS
* Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau
HIGHER EDUCATIONThe University of Tennessee has 28,000 students and 9,800 employees. It is estimated the school has a $1.6 billion impact on the state’s economy.
INLAND PORTThe Port of Knoxville is connected to the nation’s waterways and the Gulf of Mexico via channels on the Mississippi and Tennessee Rivers.
GREAT SMOKEY MOUNTAIN CULTUREThe Knoxville region has a strong arts community, contributing to bluegrass and country music with bands such as Flatt & Scruggs and the Everly Brothers. In nearby Pigeon Forge, the park Dollywood hosts 3 million tourists in a season.
870K2017
POPULATION:
354K2017
HOUSEHOLDS:
40.72017
MEDIAN AGE:
$48,500 2017 MEDIAN
HOUSEHOLD INCOME:
U.S. Median:
37.8U.S. Median:
$56,3005.5%
Growth2017-2022*:
4.7%
Growth2017-2022*:
This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap Act ID ZAA0480016
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Merchant’s Greene – Morristown, Tennessee
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CA
TI
ON
MA
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Population 691,243
Population 500,538
Population 1.75 Million
Subject Property
This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap Act ID ZAA0480016
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Population 528,000
Merchant’s Greene Shopping Center4329-4327 W Andrew Johnson Highway • Morristown, Tennessee 37814