Shops of Volunteer Pkwy | Bristol, TN
Retail Strip Center | 13.00% Cap Rate | 100% occupied
Marketing description
Matthews™ is pleased to exclusively offer the opportunity to acquire the fee simple interest in the Shops of Volunteer Pkwy located at 2131 Volunteer Pkwy, Bristol, TN. This is a ±7,845 square foot unanchored retail center in a fast-growing market that has a substantial day one return.
The property sits directly off Volunteer Pkwy, which sees ±23,400 vehicles per day. The property benefits from exceptional visibility and access within a high-performing retail corridor. The surrounding are features an impressive roster of nationally recognized tenants including IHOP, First Horizon Bank, McDonald’s, Jiffy Lube, Arby’s, Lowe’s Home Improvement, Food City, Walmart, Burger King and many more.
Coupled with the phenomenal location, Shops of Volunteer Pkwy is currently 100% occupied by a well-balanced mix of primarily service-oriented, e-commerce-resistant tenants. Many tenants have demonstrated long-term commitment to the location and feature built-in rental escalations either during their primary lease terms or during their option periods.
This rare opportunity gives qualified investors the chance to break into one of the more sought-after markets in East Tennessee at an attractive day-one yield.
Investment highlights
Lease & Property Highlights
Value-add Potential - Shops of Volunteer Pkwy has one tenant paying as low as $5.50 PSF, providing a significant opportunity for future upside in rent growth.
Strip Center Intrinsics - Shops of Volunteer Pkwy embodies the low risk associated with smaller, leasable tenant spaces.
E-Commerce Resilience - Tenancy profile is predominantly service oriented- offering resistance to online retail disruption.
Attractive Retail Design - Shops of Volunteer Pkwy features prominent signage, ample parking, and high visibility, ideal for tenant success and consumer convenience.
High Yield Investment - 13.00% cap rate offers investors a high day one yield on in place NOI.
Tenant Stability - Tenants have executed multiple renewals showing years of commitment to the site and ensuring stable cash flow.
Location Highlights
Desirable Tennessee Market – Situated in a tax free state, offering significant savings and investment appeal.
Home to Bristol Motor Speedway - One of the largest sports venues in the United States with a capacity of 146,000.
7-Miles from the Pinnacle Development - 240-acre shopping center with 1.3 million square feet of retail, restaurant, hotel and office space.
Dense Retail Pocket – Situated on the heaviest retail pocket in Bristol, Volunteer Pkwy is surrounded by countless local and national credit retailers.
Population Growth – Consistent year over year population growth.
Affluent Suburb – The average household income in a 5-mile radius is north of 65,000.
Vacancy Rate – Bristol is one of the tightest submarkets in East Tennessee, with a vacancy rate of just 1.5%.
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