AT&T corporate credit. Initial ten year lease commenced 10/31/2008 and had a 10% rent increase beginning in year 6 (11/01/2013). Tenant has option to extend for two additional 5 year terms. The 4760 sq. ft. free standing building, built in 2008, is located at a signalized intersection in the Turkey Creek Retail Development. Underlying ground lease includes seven 5 year options. If all are exercised, current ground lease extends through January 31, 2053. Cash on Cash return of 8.4% using existing debt.
Turkey Creek is the largest single commercial development ever built in the metropolitan area of Knoxville, TN. Designed for mixed use and beautifully landscaped, Turkey Creek boasts more than 300 acres of space zoned for retail shopping outlets, medical facilities, theaters, office space, banks, restaurants and hotels. The developers of Turkey Creek also created a 58 acre nature preserve and designed greenways throughout the site.
Only 3 miles from the junction of Interstate 75 and 40 to the west and 14 miles from downtown Knoxville makes the site a quick drive from the urban center, suburban Knoxville, and rural counties. - Number of buildings: 1 - Building condition: Excellent - Tenancy: Single Tenant
|6 Mb/s: Charter Communications Inc.|
|1 Gb/s: TDS Telecom|
|25 Mb/s: Comcast|