Sperry Van Ness | R. M. Moore, LLC is pleased to exclusively offer for sale the leasehold estate interest in Walden’s Landing, an attractive multi-tenant retail and entertainment center strategically located on the Parkway (U.S. 441) in the heart of the tourist resort city of Pigeon Forge, Tennessee.
The 6-building single story center is situated on approximately 7 acres subject to a long-term ground lease, with about 40.5 years remaining on the lease term. The center is located on the west side of the Parkway (U.S. 441), close to the intersection with Wears Valley Road (U.S. 321). It has 712 feet of Parkway frontage, affording superior visibility and ready access.
Pigeon Forge has high economic barriers to entry, with limited availability of commercial development land and annual retail lease rates that can exceed $50 per square foot. Pigeon Forge and the neighbor city of Gatlinburg are the only cities which the State of Tennessee has officially designated as "Premier Type Tourist Resort City," qualifying them for a unique revenue-sharing status with the state.
Building size above is actually gross leaseable area:
35,207 square feet Retail & restaurants 8,846 square feet Calhoun's restaurant (pays ground rent) 14,500 square feet The Forge Cinemas (pays ground rent) 48,000 square feet Firehouse Golf outdoors course (pays ground rent) 107,553 square feet Gross Leaseable Area
• 8.0% proforma acquisition Cap Rate, closely parallels actual 2012• $21.55 per square foot average annual retail base rent plus pass throughs• Supply constrained market• Ample ground leasehold term remaining (40.5 years)• 94% current occupancy• 712 front feet on the Parkway - Area description: Pigeon Forge, Sevierville and Gatlinburg are the three main cities in Sevier County which is located about 25 miles southeast of Knoxville. The economic base is tourism, with 11 to 13 million annual visitors.
Major attractions include Great Smoky Mountains National Park (the nation's most visited); Dollywood theme park; mountain resort city of Gatlinburg; Ripley's Aquarium of the Smokies; The Titanic Museum, numerous outlet malls; large show theaters; and countless other tourist venues. - Number of buildings: 6 - Building condition: Excellent
|6 Mb/s: Charter Communications Inc.|
|6 Mb/s: AT&T Tennessee|
Median rate is a number derived from the median rate of listings posted on 42floors and reports from thought leaders in the area.