Western Avenue Square
Infill Neighborhood Center | 7.68% CAP | 56,478 SqFt
Marketing description
Marcus & Millichap is pleased to present the opportunity to acquire a fee simple interest in The Western Avenue Square, a well-established +/- 56,000 SF shopping center situated on a large 7.99 acre site in the rapidly growing city of Knoxville, TN.
Western Avenue Square is fully occupied by a strong internet-resistant and essential use tenant roster. The center is anchored by one of Knoxville’s longest standing businesses, The Tennessee School of Beauty. Founded in 1930, The Tennessee School of Beauty operates as a postsecondary education institution with over 250 students who are on site daily. They have been at this location since 2004 and have a long-term commitment to the site ensuring stable cash flow to this investment opportunity.
The shopping center is strategically positioned along Western Avenue with excellent visibility and exposure to over 44,000 vehicles per day and close proximity to I-640 which see’s over 77,000 vehicles per day. Western Avenue Square also sits just 4.5 miles from Downtown Knoxville and The University of Tennessee.
The immediate trade area is benefiting from continuous growth in residential & commercial developments along with numerous public infrastructure and road widening projects. There have been over 3,000 new homes approved to build in this area of Knoxville, most notably the 300-acre Belltown development. Oak Ridge Hwy, which turns into Western Avenue, has recently been widened to 5 lanes and Schaad Rd has recently been built out to 5 lanes to accommodate future predicted population growth.
Investment highlights
Established Neighborhood Shopping Center | Long Term Tenant Roster
Notable Anchor Tenant: Anchored by the Extremely Successful and Well-Known Tennessee School of Beauty, Which Enrolls Over 250 Students Who Are at the Property Daily.
Long Term Stability: Over 45% of the GLA has a Remaining Lease Term of 10 Years, Adding Stability to the Investment
Tenant Reimbursements: 7 out of the 11 Tenants are Structured on a Triple-Net (NNN) Lease Structure with Tenants Reimbursing the Landlord for Their Pro Rata Share of Operating Expenses.
Rental Upside: Current Rents are Below Market, Providing Significant Opportunity for Future Income Growth.
Strong, Internet-Resistant Tenant Mix: The Majority of Tenants are Essential Service & Internet Resistant Businesses with a Strong Financial Backing.
Dense Infill Location | Significant Growth in the Immediate Area
Fundamentally Strong Demographics: 164,819 Population & $78,593 Average Household Income within a 5-Mile Radius. 260K Daytime Population Within a 5-Mile Radius.
Exceptional Visibility & Access: The Site Benefits from Outstanding Frontage along Western Avenue with Traffic Counts Exceeding 44,000 Vehicles Per Day and Close Proximity to I-640 with Traffic Counts Exceeding 77,000 Vehicles Per Day.
Continued Residential Expansion: Over 3,000 New Homes Approved to Build in the Local Area of Knoxville. Most Notably the 300-Acre Belltown Development just Minutes from Western Avenue Square.
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