This Retail Property is Off-Market.

6600 Clinton Highway
Knoxville, TN 37912 ·

137,676 SF · Retail For Sale

N/A

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Crown Point Plaza

Price N/A Occupancy 100%
Gross Leasable Area 137,676 SF No. Stories 1
Property Type Retail Tenancy Single
Property Sub-type Community Center Year Built 1996
Property Use Type Investment Lot Size 13.78 AC
Cap Rate 6.51%
Listing ID: 14420704 Date Created: 11/30/2005 Last Updated: 03/23/2006

Description

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.

Highlights

  • 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

Research

6600 Clinton Highway, Knoxville, TN 37912 (Knox County)

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