6600 Clinton Highway
Knoxville, TN 37912 ·
137,676 SF · Retail For Sale
Crown Point Plaza
|Gross Leasable Area||137,676 SF||No. Stories||1|
|Property Sub-type||Community Center||Year Built||1996|
|Property Use Type||Investment||Lot Size||13.78 AC|
|Listing ID: 14420704||Date Created: 11/30/2005||Last Updated: 03/23/2006|
The center is anchored by Target (not included in the sale of this offering), Kroger (61,426 SF) and Goody's (30,000 SF). There is 46,250 sf of additional shop space; 66% anchor space and 34% shop space. Currently, the center is 100% occupied.
Assumptions - The financial analysis is shown as is. There are no assumptions estimated in this financial analysis.
Returns - At list price, this asset has an initial cap rate of 6.55%, There are two loans currently encumbering the property. Jefferson Pilot has a loan for Kroger & north shop space for $5.8M and it orginated in July 2002. It is fixed at 7% for 20 years. The balance is approximately $5.3M as of Sept 2005. The second mortgage is with Nationwide Life and it encumbers Goody's and the shop space south of Target. This note orginated in Sept 2003 for $4.150M. It is fixed for 20 years at 5.65%. The balance is approximately $3.9M as of Sept 2005. With these two loans the Cash-On-Cash Return is 3.8% and Total Return including principal reduction is 6.1%.
Current ownership would like to retain management and leasing as well as a minimum 10% ownership.
Crown Point Plaza is located in the North sector of Knoxville/Knox County. This location serves the fastest growing sector of Knoxville that includes the Powell and Karns communities. Also, New Callahan Road will be a major East-West connection for North Knoxville. Target, Lowe's, Goody's, Hobby Lobby, & Kroger anchor this center. Crown Point Plaza offers the following positive characteristics:
Location: Located in the fast growing area of Knoxville/Knox County, Crown Point Plaza is across from Wal-Mart, Office Max, Marshalls and Home Depot.
Visibility: The site is on the right side of Clinton Highway with numerous traffic lights and over 2,000 feet of frontage with excellent visibility.
Access & Parking: 5 entrances from 2 major roads certainly provides shopper friendly access and traffic flow. Plentiful parking will afford customers convenient storefront access.
Traffic Counts/Demographics: Daily traffic count of 30,000+ with an average household income of $46,000.
- Kroger, Goody's and Target Anchored Retail Center
- Over 72% Nationally Recognized Credit Tenants
- Annual Rental Escalations on Most Leases
- Located at Major Retail Signalized Intersection
- New Commercial and Residential Construction in Immediate Area
- Surrounding Retailers Include: Lowe's, Home Depot, and Wal-Mart
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