1611-1707 E Andrew Johnson Hwy
Morristown, TN 37814
Liberty Plaza (Grocery Anchored) · Retail Property For Sale

The Dumes Falk Group of Marcus & Millichap is pleased to bring to market Liberty Plaza, a Price Less IGA anchored neighborhood shopping center comprised of 64,463-square feet in Morristown, TN. The center is positioned along State Route 66 on approximately 9.50 acres with great signage, visibility and multiple points of ingress and egress. Liberty Plaza is currently 70 percent occupied and leased to national and regional tenants. All tenants are under triple-net leases except AtWork Personnel Services which occupies 2.80 percent of the GLA. The property is anchored by Price Less IGA (Houchens Industries guarantor) which recently joined the center in 2013 and occupies 54 percent of the GLA under a triple-net lease. Rent-A-Center joined Liberty Plaza in 1992 and occupies 7.45 percent of the GLA under a triple-net lease. The current tenant base supplies the local consumers with a wide range of products and services which includes groceries, staffing services, beauty supplies, financial services and rent-to-own. There are five-units totaling 19,100-square feet of realizable vacancy upside. An incoming investor could potentially add approximately $150,000 to the NOI by leasing up the vacant units. The city of Morristown is a county seat of Hamblen County and is located 50-miles northeast of downtown Knoxville. Liberty Plaza benefits from being positioned along State Route 66 (East Andrew Johnson Highway), a four-lane commuter corridor which sees over 18,000 vehicles per day with multiple ingress and egress points into the subject property. Dollar General and Liberty Storage are adjacent to Liberty Plaza and are not included in the offering. There are nearly 39,000 employees within three-miles of Liberty Plaza and the local population has grown by more than eight percent since 2000 to more than 57,000 residents within seven-miles. In the same radius, median household incomes grew by fifteen percent since 2000 with average household incomes exceeding $50,000. Liberty Plaza is less than three-miles away from Walter State Community College with approximately 7,000 students, four-miles from Morristown Golf & Country Club and 23-miles from the 29,000-acre Cherokee Reservoir. Liberty Plaza provides an incoming investor the ability to acquire a value-add, grocery anchored center located directly off of a dominant commuter corridor within a growing market. This center should remain an integral part of the community and will continue to serve the population as a go-to shopping center.