Masengill Falls
47,802 SF | 100% Leased | Retail Building | Morristown, TN 37814 | $8,320,936 ($174/SF) | 6.70% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $8,320,936
- Property Type
-
Retail
- Square Feet
- 47,802 SF
- Price / Square Foot
- $174
Listing Contacts
Paul Bitonti
Verified Profile
Justin Andreasian
Verified Profile
- Property Info
Property Overview
Marcus & Millichap is pleased to present the opportunity to acquire Masengill Falls, a 47,802 SF Food City shadow-anchored community shopping center. The property is situated on a 6.69-acre site in the rapidly growing city of Morristown, TN.
The shopping center was built in 2015, and 100% occupied by a complementary mix of medical and service-oriented tenants. Over 40% of the tenant roster has been at the center since it was constructed and 77% of the GLA is occupied by medical-use tenants. All tenants are set up on a triple-net rent structure, reimbursing their pro rata share of real estate taxes, insurance, and common area maintenance expenses.
The property is well positioned and part of a high performing Food City anchored grocery center just off Morristown’s main thoroughfare, W Andrew Johnson Hwy (41,192 VPD). Notable retailers in the trade area include Food City, Home Depot, Lowe’s, Chick-fil-A, Walgreens, Dutch Bros Coffee, McDonald’s, Dollar Tree, Harbor Freight Tools and many more.
The property will benefit from a newly planned residential development directly west of Food City named Masengill Landing. The Masengill Landing development will include 89 single family homes, 80 townhomes, and over 100 apartment units. This will help secure the vibrance of the center and continued growth in the immediate area for years to come.
The shopping center was built in 2015, and 100% occupied by a complementary mix of medical and service-oriented tenants. Over 40% of the tenant roster has been at the center since it was constructed and 77% of the GLA is occupied by medical-use tenants. All tenants are set up on a triple-net rent structure, reimbursing their pro rata share of real estate taxes, insurance, and common area maintenance expenses.
The property is well positioned and part of a high performing Food City anchored grocery center just off Morristown’s main thoroughfare, W Andrew Johnson Hwy (41,192 VPD). Notable retailers in the trade area include Food City, Home Depot, Lowe’s, Chick-fil-A, Walgreens, Dutch Bros Coffee, McDonald’s, Dollar Tree, Harbor Freight Tools and many more.
The property will benefit from a newly planned residential development directly west of Food City named Masengill Landing. The Masengill Landing development will include 89 single family homes, 80 townhomes, and over 100 apartment units. This will help secure the vibrance of the center and continued growth in the immediate area for years to come.
Property Details
- Year Built
- 2015
- Stories
- 1
- Property Subtype
- Storefront, Storefront Retail/Office
- Lot Size (sq. ft)
- 291,416 SF
Highlights
- Food City & Dollar Tree Shadow-Anchored Center
- 100% Occupied to Medical and Service Oriented Tenants
- Below Market Rents (Avg $12.60 PSF) - Future Upside Potential
- Priced Below Replacement Costs- ($174 PSF) & Built in 2015
- Minimal Landlord Expenses- All Tenants Reimburse for NNN Expenses
- Directly Next to Planned Residential Development Masengill Landing- 89 Single Family Homes, 80 Townhomes, and Over 100 Apartment Units
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