40 Walton Dr
Waverly, TN 37185
AutoZone Ctr.: 10+ Yr. Ext. | WalMart Shadow · Retail Property For Sale

The Cooper Commercial Investment Group has been exclusively retained by ownership to sell The Shops at Waverly, a county seat retail shopping center built in 2005 shadow anchored by Walmart Supercenter and a brand-new Tractor Supply. The asset is being offered for $1,070,000, representing a 7.75% CAP, low price point of $85/S.F. and high expected year-1 cash-on-cash return of 11.52%, yet still offers upside through lease-up of the remaining vacancy. Furthermore, lease rates at the center are below market consensus and easily replaceable at only an average of $8.65/SF. Ownership recently executed an early 10-year extension with anchor tenant AutoZone, who will now be extended through 2029. AutoZone is the leading retailer in the automotive parts sales and distribution for over 37 years, has approximately 6,300 stores in all 50 states plus the District of Columbia, Puerto Rico, Mexico and Brazil, boasts a S&P credit rating of “BBB” and has a staggering $11.43 billion in annual revenues. Victra, a Verizon Wireless Authorized Retailer and Mariner Finance are also well-known tenants at the center. Victra is the leading exclusive premium retailer for Verizon with over 4,500 total employees and over 1,000 locations across 46 states. Another well-known national tenant, Mariner Finance has been operating since 1927, operates over 450 branch locations in 24 states and offers personal loans, car loans and home loans. All three of these national users have renewed their lease term since first occupying the center, proving both their commitment and dedication to the center and market. The center also offers an investor additional upside potential through the lease-up of the remaining vacant unit, an anticipated possible $22,000+ boost to the NOI. Positioned along the Route 70 with excellent visibility, the retail destination is located in a residential community with average household incomes over $50,000 within 5-miles. The 12,600 S.F. center has a fantastic corner location and is positioned in front of the Walmart Supercenter and adjacent to a brand-new freestanding Tractor Supply, bringing all sorts of constant traffic to the center. Due to the desirable retail, the corridor draws from a minimum of 15 miles as the next closest Walmart is over 20 miles away. The region’s need for the center and tenants is evidenced by the less than 10% vacancy rate. Waverly has become a main shopping hub for most of the region, drawing from numerous surrounding counties. Positioned between Nashville (65 miles) and Memphis (160 miles), Tennessee, Waverly is the county seat of Humphreys County. The residents of the area have an employment base that includes, the region’s largest employer, Chemours with 1,100 employees. The company is also one of the largest industrial employers in the Valley. The Humphreys County School District boasts 3 schools in Waverly and is another large employer to the city. The school district has approximately 3,020 students in the district and is supported by over 225 employees. All nearby, Tennessee Valley Authority (TVA) is a power plant that provides power for all of Tennessee and parts of six bordering states, Hood Container Corp. (200 employees at Waverly branch), the County of Humphreys and Matheson Tri-Gas, Inc. (100 employees) are all in close proximity and make up a significant portion of the diversified employment base of the region. In the medical field, Three Rivers Hospital is positioned just 3-miles from the featured property and boasts 35-beds with 150 employees to support the region’s healthcare needs. Given the property’s long-term credit anchor, strategic placement and proximity to employees and residents; this asset is positioned as a high-quality investment that is poised to generate substantial returns for years to come.