This property is Off-Market

3135 Peoples Street
Johnson City, TN 37604 ·

29,108 SF · Retail For Sale

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Peoples Crossing

Price N/A Cap Rate 7.58%
Gross Leasable Area 29,108 SF Tenancy Multiple
Property Type Retail Year Built 2004
Property Sub-type Neighborhood Center Lot Size 3.57 AC
Property Use Type Investment
Listing ID: 15982597 Date Created: 11/11/2008 Last Updated: 05/06/2009

Description

Peoples Crossing is currently 95% occupied, with 60% of the tenants having corporate leases. The major tenants in the center include: David's Bridal (30%), Mountain States Health Alliance (15%), After Hours Formalwear (4%), and Wells Fargo Financial (6%). All the tenants are currently reimbursing for CAM, taxes, insurance, and the majority of the tenants are reimbursing for management as well. The center is currently priced on actual income (no master lease for vacancy) and is being offered free and clear of existing financing.

The subject property, Peoples Crossing, is a 29,108 +/- square foot shopping center located in Johnson City, TN, approximately ΒΌ mile off Interstate 26. Peoples Crossing sits in a dense retail corridor of Johnson City, directly adjacent to Home Depot, Michaels, PetSmart, Bed Bath & Beyond, and Stein Mart. Other major traffic generators in the immediate area include: Kohl's, Lowe's, Walmart Supercenter, Med Tech, Barnes & Noble, and Kmart. Johnson City is located approximately 20 miles from the Virginia and North Carolina border and is approximately 100 miles from Knoxville. In March 2008, Johnson City was ranked the #25 "Best Small Place for Business and Careers" in the USA by Forbes. East Tennessee State University, a public institution with an enrollment of over 13,000 students, is located in Johnson City. Johnson City is the principal city of the Johnson City Metropolitan Statistical Area, a metropolitan area that covers Carter, Unicoi, and Washington counties and had a combined population of 181,607 at the 2000 census. The estimated population for the metropolitan statistical area in 2006 was 191,136.

Highlights

  • 95% leased shopping center located in the major retail corridor of Johnson City
  • Directly adjacent to: Home Depot, Michaels, PetSmart, & Bed Bath & Beyond
  • Other major retailers in the immediate area include: Walmart, Kohl's, Kmart & Lowe's
  • In March 2008, Johnson City was Ranked #25 "Best Small Place for Business and Careers" in USA by Forbes
  • 60% of the tenants are corporate leases: David's Bridal, MSHA, After Hours, & Wells Fargo
  • Tenants reimburse for CAM, taxes, insurance, and management (except 3 tenants)

Research

3135 Peoples Street, Johnson City, TN 37604 (Washington County)

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