2281 N Germantown Pky - Storefront FOR SALE


Cordova, TN 38016
$6,270,000 USD
949-724-5552
2281 N Germantown Pky, Cordova, TN for Sale
$6,270,000 USD
Storefront - FOR SALE
1/8
null | 7.75% Cap Rate

2281 N Germantown Pky
Cordova, TN 38016


HIGHLIGHTS

  • Brand New 15 Year Lease – Single Tenant Investment - 60 Location in 17 States – Operating or Opening Soon
  • Strong Rent Growth – Inflation Resistant - 10% Rent Increases Every 5 Years Including Options
  • Strong Real Estate Fundamentals – Low Downside Risk - Below Replacement Cost at $103 PSF at Asking Price
  • Located in Largest Retail Corridor in Memphis - Portion of 600K SF Countrywood Crossing Center and Marketplace Galleria Center
  • Dense Infill High Income Trade Area - Population Over 163,800 in a 5-Mile Radius with an Average Household Income Exceeding $105,500

OVERVIEW

The Snyder Carlton Team is pleased to offer investors the opportunity to acquire a single tenant Investment in the Memphis metropolitan area. Fun City Adventure Park, a high quality family entertainment center, has 60 locations operating or opening soon. The asset is secured by a 15-year net lease with three, five-year option periods, strong rent increases, and a personal guaranty from the owner of Fun City Adventure Parks. The landlord is only responsible for the roof and structure of the premises, making this asset ideal for an investor seeking high returns with limited responsibilities. The 60,743 SF building on 2.17 acres anchors Countrywood Crossing, is located on the hard corner signalized intersection of Germantown Parkway (46,600 VPD) and Ikea Way, and is less than half a mile from Interstate 40 (106,400 VPD). The property sits adjacent to one of only two Costco’s in all of Memphis MSA. The property is priced at below replacement cost and offers the Buyer long term upside potential with below market rent at $8 PSF. The property is positioned within the largest and busiest retail corridor in Memphis, with Wolfchase Galleria Mall being only 1 mile away. Several other surrounding retail centers include The Commons at Dexter Lake, Memphis Commons, and The Market at Wolfcreek. Other nearby retailers include Costco, Home Depot, Lowe’s Home Improvement, Target, Walmart Supercenter, Sam’s Club, Academy Sports, Hobby Lobby, McDonald’s, Chick-fil-A, Raising Cane’s, and Chipotle, to name a few.

FOR SALE DETAILS

PRICE

$6,270,000 USD

PRICE/SF

$103 USD /SF

CAP RATE

7.75%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Fun City Adventure Park

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2007

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

2.17 AC

LAND SF

94,525 SF

ZONING

CA

APN/PARCEL ID

09-6500-0-0769

ASK ABOUT THIS PROPERTY

Jereme SnyderColliersMore Info
949-724-5552

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Jereme SnyderColliersMore Info
949-724-5552

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.