Historical Retail Sale Listing - Peoples Crossing

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Peoples Crossing

3135 Peoples Street, Johnson City, TN 37604

N/A

29,108 SF | Retail

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Retail Property - Off Market

Price:
N/A
Gross Leasable Area:
29,108 SF
Property Type:
Retail
Property Sub-type:
Neighborhood Center
Property Use Type:
Investment
Cap Rate:
7.58%
Tenancy:
Multiple
Year Built:
2004
Lot Size:
3.57 AC
Listing ID
15982597
Last Updated
over 1 year ago

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)

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 ¼ 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.

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

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