For Sale
$24,533,000

3100 Mall RdKnoxville, TN 37917

High-yield Lowe's anchored shopping center

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a 142,092 square foot, single-tenant shopping center in Knoxville, Tennessee, fully occupied by Lowe's. The property, located at 3100 S Mall Rd, Knoxville, TN 37917, boasts a strong 12.7-year remaining lease term with eight 5-year options, ensuring long-term stability. Built in 2002, this fee-simple asset sits on a 13.9-acre lot and is zoned C-Commercial/Big Box Store. The property benefits from high visibility and traffic counts (69,368 AADT) due to its location near I-640, Mall Road South, and Millertown Pike. The triple-net (NNN) lease structure shifts most operating expenses to the tenant, minimizing landlord responsibilities. With a current NOI of $1,349,266 and an asking price of $24,533,000, this presents a compelling 5.50% cap rate. The surrounding area demonstrates strong demographics, with over 41,018 residents within a 3-mile radius and an average household income exceeding $79,809. This Lowe's location is part of a larger retail development, further enhancing its appeal and drawing significant customer traffic. The property's financial performance, coupled with the long-term lease and prime location, makes it an attractive investment for discerning buyers. The property's APN is 059LG-009.

Highlights

  • Tenant is responsible for all operating expenses (NNN lease).
  • Long-term tenant with over 20 years of occupancy.
  • 12.7 years remaining on the lease term.
  • Investment-grade tenant: Lowe's, a Fortune 500 company with strong financials.
  • Lowe's operates nearly 2,200 stores in the US and Canada.
  • Lowe's is an S&P 500 company with a BBB+ credit rating and significant market capitalization.

Property Details for 3100 Mall Rd

Property type
Lifestyle centers, Power centers
Square Feet
142,092 SF
Year Built
2002
Lot Size (sq. ft)
605,484 SF

Location Insight

City
Knoxville
County
Knox
State
Tennessee
Latitude
36.0274053
Longitude
-83.8766121
3100 Mall Rd, Knoxville, Tennessee

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3100 Mall Rd
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