NAI Knoxville, as Exclusive Broker, is pleased to present the opportunity to acquire the fee-simple interest in a two tenant retail property in Knoxville, TN. The subject property is situated at 11131-11139 Turkey Drive in Knoxville’s premier retail and business development, Turkey Creek. The property consists of a +/- 10,500 square foot retail building that is 100% occupied and sits on I-40/75 which has an ADT of 112,256. The building was originally built in 2003 and was remodeled in 2013 and 2014.
There are two tenants, Iron Tribe Fitness (4,400 square feet) and All American Mattress (6,100 square feet) in the building. Iron Tribe Fitness is #602 on the Inc. 5,000 fastest growing companies in America and has been featured in Entrepreneur Magazine, ABC, CBS and Fox News. Iron Tribe has 38 locations nationally with 70 franchise territories sold and will have 100 locations open by 2017. Iron Tribe’s rent bumps up $2/sf in the 6th and 7th year and has two (2) five year options. All American Mattress recently renewed for a five year term with 3% annual increases. - Area description: Turkey Creek has many national tenants which include: Target, Wal-Mart, Publix, Belk, JC Penny, Ann Taylor Loft, Gander Mountain, CarMax, Starbucks, Longhorn, Olive Garden, Red Robin, Regal Cinemas, Earth Fare and many more. The population of the Knoxville-Sevierville-La Follette Combined Statistical Area was 1,055,086 according to the 2010 Census, representing a growth rate of 11.32 percent since the 2000 Census. Founded in 1791 where the French Broad and Holston Rivers converge to form the Tennessee River, Knoxville is the largest city in East Tennessee and ranks third largest in the State. The City is located at the intersection of I-40, I-75 and I-81 and is within a day’s drive of 75% of the United States population. Tennessee is a right to work state and has no state income tax. Notable top employers in the area are: U.S. Department of Energy – Oak Ridge (13,000); Covenant Health (9,000+); University of Tennessee, Knoxville (8,161); Tennova Healthcare (8,141+); B&W Y-12 (5,040); Denso Manufacturing (3,000); Alcoa, Inc. (1,207). - Number of buildings: 1 - Building condition: Excellent - Tenancy: Multiple Tenants
|10 Gb/s: Level 3 Communications, LLC|
|6 Mb/s: Charter Communications Inc.|
|1 Gb/s: TDS Telecom|
|25 Mb/s: Comcast|
Median rate is a number derived from the median rate of listings posted on 42floors and reports from thought leaders in the area.