Extensive equipment and furnishings included
Stan Johnson Company is pleased to offer for sale to qualified investors the opportunity to acquire a CVS Pharmacy located in Murfreesboro, TN. The property is situated on the intersection of SE Broad Street and Mercury Boulevard, and is only a few hundred feet from the downtown Murfreesboro area. The subject building is approximately 10,125 square feet and sits on +/- 1.5 acres of land. CVS is currently operating under a 25 year net lease that started in January of 2012. In addition to the primary term there are five (5), five (5) year option periods, all of which include 5% rent increases.
The subject property is located at the northeast corner of Old Fort Parkway (21,609 AADT) and Agripark Drive approximately three miles west of downtown Murfreesboro. The property benefits from excellent visibility and access as a hard corner location within a dense retail corridor. With access to Interstate 24 (105,021 AADT) only two blocks east of the property, this is a prime location for retail. Adjacent to the subject site is U.S. Bank, Hardee' s, and various local retailers which occupy the shops building and pad sites. Directly behind the property is a high performing Sam' s Club, while across from the property are two shopping centers anchored by Kroger and Kohl' s. Walgreens, McDonald' s, Pizza Hut, Subway, Waffle House, and Fifth Third Bank, among others, tenant the pads outparcel to the centers. Just across the interstate are a number of prominent retail centers: Towne Centre, a 390,607 square foot retail center anchored by Lowe' s Home Improvement, Target, and T.J. Maxx; Stones River Mall, an enclosed regional shopping mall with over 670,000 square feet of retail floor area and over 60 stores and services; and The Oaks Shopping Center, a 32-acre master development.
Advance Auto Parts stores typically prefer +/- 0.75 to 1.25 acres of land and a +/- 7,000 SF rectangular stand-alone building. This asset is one of those prototypical Advance Auto Parts stores which, by location and design, lends itself to a wide array of long-term reuse options. New roof finished this December.
Free standing building on 1 acre lot, land available for expansion
Retail Strip Center 6000 SF Automotive Shop or Warehouse Space available for sale or lease 15,675 SF
The building has 48,000 Sq. ft. in one building, plus 26,000 in another with two additional development parcels. The development parcels should be able to accomodate one building of 25,000 sq ft and the other 17,600 sq ft. The site was initially occupied by Kroger, Super X and Pick & Pay Shoes and is currently occupied by Express Laundry, Check into Cash and Campus Market. The building is constructed of concrete, brick, and masonry, and has excellent parking capacity. Remodeling completed in 2009.
Multi-faceted 66,120 square feet shopping center with paved and lighted parking. Plenty of traffic and parking. Currently occupied by United Grocery Outlet, Gold's Gym, Aaron's, Toliver's Pawn, a restaurant and several others.
The subject property provides an investor the opportunity to acquire an asset that is leased to an investment grade tenant and has attractive lease terms. This Walmart Neighborhood Market is subject to a 15-year absolute triple net (NNN) lease. The current annual rent is $609,863 which is subject to a 3% rental increase every five years throughout the base term and a 5% rental increase in each of the 17, five-year option periods. There are zero landlord responsibilities; tenant is responsible for real estate taxes, insurance, and any costs associated with repairs and maintenance to both structural and non-structural components of the building, including the roof.
The subject property provides an investor the opportunity to acquire an asset that is leased to an investment grade tenant and has attractive lease terms. This Walmart Neighborhood Market is subject to a 15 year absolute triple net (NNN) lease. The current annual rent is $768,208 which is subject to a 3% rental increase every five years throughout the base term and a 5% rental increase in each of the 17, five year option periods. There are zero landlord responsibilities; tenant is responsible for real estate taxes, insurance, and any costs associated with repairs and maintenance to both structural and non structural components of the building, including the roof.