Property Picture


Price: $6,395,000
Property Type: Retail
Status: Just Listed
Address: 15-37 Parkway Drive
                  Fort Oglethorpe, GA  30742
CAP Rate: 6%
Square Feet: 12,200
Tenancy Type: National
Lease Type: NNN

Short Description:
The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in Parkway Plaza Shopping Center, a 12,200 S.F. center boasting high-profile tenants, Buffalo Wild Wings, Aspen Dental and Mattress Firm. The property is located in the highly desirable bedroom community of Fort Oglethorpe, Georgia, a suburb of Chattanooga, Tennessee. Parkway Plaza is positioned in a tri-state corridor being located in Georgia, but just 5-miles to the Tennessee border and 35 miles to the Alabama line drawing shoppers from every direction. The property is being offered for $6,395,000, representing a 6.00% CAP Rate.

Details
The new center was built in 2015 and all tenants executed new, 10-year NNN leases with mid-term rental increases. Due to the significant rental increases in year-6 of all of the leases, the increased NOI would generate a 6.60% CAP Rate based on today’s sales price. This makes the center a very stable asset to an investor with the popular tenants’ having 8+ years of original term remaining. The attractive contemporary construction is 100% occupied and center’s advantageous location welcomes the tenants’ success and desire to be located at the property. Additionally, with the property’s young age, an investor will have minimal repairs and maintenance responsibilities to the property as the property also includes a transferrable roof warranty through 2025. The property is positioned on a signalized corner and surrounded by retail. Parkway Plaza sits as an outlot to a power center, which includes Marshalls, PetCo, and Hobby Lobby, while being adjacent to the Walmart Supercenter. The center is also surrounded by many other complimentary national retailers, including Moe’s Southwest Grill, Panera Bread, Super Cuts, Ross Dress for Less, Hibbett Sports, GameStop, Verizon and many, many more. The property has highly visible frontage and is located in the main shopping district of the city directly off the heavily traveled Battlefield Parkway creating easy access. Traffic counts along Battlefield Parkway are approximately 31,500 vehicles per day. The tenants located at the center benefit strongly from being positioned just outside of Chattanooga with the direct access to the large population base of nearly 262,000 people within 10-miles. Furthermore, the Chattanooga MSA is supported by several major employers, including Access America Transport, BlueCross BlueShield of Tennessee, CBL & Associates, Chattem, the world's first Coca-Cola bottling plant, Coker Tire, FSGBank, Gordon Biersch Brewery Restaurant Group, Republic Parking System, and U.S. Xpress Enterprises Inc. The city also hosts large branch offices of Cigna, AT&T, T-Mobile USA and UBS. Recently, Volkswagen Group of America inaugurated its Chattanooga Assembly Plant. The $1 billion plant serves as the group's North American manufacturing headquarters and brings thousands of employees to the area. Amazon also opened a 1,000,000 S.F. distribution center creating even more employment and people to the area. Other notable companies that have distribution facilities in the city include a new FedEx Distribution Facility, Alstom, BASF, DuPont, Invista, Komatsu, Rock-Tenn, Plantronics, Domtar Corp., Norfolk Southern, Alco Chemical, Colonial Pipeline and Buzzi Unicem. The William Wrigley Jr. Company has a prominent presence in Chattanooga, now the sole production facility for Altoids breath mint products. With the amount of employees residing in the growing area, the asset is positioned to succeed for many years to come.

    Full Offering Memorandum