Retail Strip Adj. to Home Depot & Walmart

TENNESSEE BROKER OF RECORD - JONES AUR - License No. 332.179.00
Faris Lee Investments presents an extremely rare opportunity for an investor to acquire the fee simple interest (land & building) in a high profile, irreplaceable 29,358 SF retail center in the heart of one of Tipton’s County’s premier retail developments, Covington Commons, in Covington, TN. The subject property is strategically located between two dominant retailers Walmart Supercenter and Home Depot. This is the only Home Depot & Walmart Supercenter combination within a 30-mile radius & conveniently accessible to over 70,000 plus people, which derives high volume consumer cross-over with increased traffic & exposure. The NNN leases with rental increases create long-term upside as they allow the investor to pass-thru the expenses to the tenants. The rental increases provide a hedge against inflation & increases the return on the investment. With only 9 tenants to manage dominated by national brands, Covington Commons is an ease of management investment for the buyer. Priced at only $214 PSF, the subject property is below replacement cost.
The subject property’s tenant roster includes national consumer brands: IHOP, T-Mobile, Cricket Wireless, Hibbett Sports, Maurices and Goodwill. Over 55% of the Tenants have been long term (over 9 years) occupants at this proven location - Hibbett Sports (2007), Maurices (2006), Goodwill (2011), IHOP (2015) and Ming’s Buffet and Grill (2015). The long term historical occupancy provides for long term stability & security for the investor.
This pride of ownership retail center is ideally positioned between Home Depot (Top 10% nationally per Placer.ai) and Walmart Supercenter (Top 30% nationally per Placer.ai) along U.S. Highway 51 (20,000+ VPD) which drives significant crossover traffic to the subject property. Covington Commons central location provides ideal positioning, maximizing customer draw. The combination of the surrounding retailers, unmatched location and tenant mix establishes the property’s superior position within the trade area. The economic development and future of the city is further enhanced by the surrounding developments in Ford’s BlueOval City / EV manufacturing plant. Ford’s EV plant is the largest & most advanced manufacturing facility for electric vehicles in U.S. history, and is being built within 15 miles of Covington Commons, and will create over 27,000 new jobs. The anticipated need for more housing stock and a significant increase in new residents in Covington will benefit the subject property. The trade area supports over 38,000+ people within Tipton County with Average Household Income of $73,000+ and 9,000+ employees.