Property Type: Retail
Status: In Contract
Address: 1010-1034 N. Germantown Parkway
Memphis, TN 38018
|CAP Rate: 7.7%|
Square Feet: 18,950
Tenancy Type: Mixed
Lease Type: NNN
The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in the 18,950 S.F., Shops at Cordova Station retail center located in the Cordova neighborhood of Memphis, Tennessee. The Cordova neighborhood is one of Memphis’ most affluent neighborhoods with average household incomes exceeding $106,500 within a 5-mile radius of the featured asset. The property is being offered for $4,155,000, representing a 7.70% CAP.
The current tenant roster offers all Triple Net (NNN) lease structures and many tenants that have been in place for many years proving the success at the center. With this property’s position, an investor has the opportunity to acquire a 100% occupied asset centered in a growing market with great population density and demand for the tenants/services located at the Shops at Cordova Station. The center is home to a diverse mix of national, regional and local tenants. Anchor tenant, IberiaBank has shown their commitment to the center and market by renewing their lease early, now expiring in 2023. Additionally, the center is home to a number of new tenants creating long-term stability to the rent roll and a reflection of the desire to be at the center.
The center has a welcoming curb appeal and significant frontage off the main 6-lane roadway, Germantown Parkway. The Shops at Cordova Station is positioned near the hard corner of Germantown Parkway and Macon Road in a retail/business corridor. Traffic counts surrounding the center are in upwards of 68,000 vehicles per day. Positioned east of the Downtown area the Cordova community benefits from the service oriented businesses and the surrounding complimentary retailers in the immediate trade area (Germantown Square, IKEA, Cheesecake Factory, Dave & Busters, Target, Marshalls, HomeGoods, Steinmart, Kroger, Petco, Party City, Bonefish Grill, Popeyes, KFC, Sonic and many more). The Cordova submarket contains approximately 3.3 million square feet of commercial retail space. With its position immediately between the Northeast and Germantown submarkets, the area benefits from the heavy retail traffic generated along Germantown Parkway, anchored by the Walfchase Galleria, the largest regional mall in Memphis (4 miles north of Shops at Cordova Station).
The Shops at Cordova Station is positioned in a densely populated area with over 577,000 people within 10-miles and over 1.3 million in the metro area. Reports show that approximately 70% of metro area residents reside in Shelby County and more than 80% of the metro area jobs are based in Shelby County. Because of the excellent transportation network (water, rail, air and highway), the Memphis employment landscape is home of three Fortune 500 companies, FedEx (32,000 employees), International Paper (2,300 employees), and AutoZone (1,500 employees). Many other notable employers are located in Memphis, including Shelby County Schools (16,000 employees), the United States Government (13,700 employees), Tennessee State Government (12,400 employees), Methodist Le Bonheur Healthcare (10,889 employees), St. Jude’s (3,676 employees), ServiceMaster (2,400 employees) and many more. Memphis International Airport (FedEx's "SuperHub" facility) and numerous freight railroads serve the city, along with barge access on the Mississippi River. Being positioned just outside Downtown Memphis with the diverse mix of uses and services and staggered lease terms; the asset is well insulated for possible shifts in consumer retail demands and trends and will be a quality asset for many years to come.
Full Offering Memorandum