116-138 S Willow Ave
Cookeville, TN 38501

NATIONAL CORPORATE TENANTS Save a Lot Center is a 110,300 SF grocery anchored center that is leased to a majority of National Corporate tenants including Save a Lot, Harbor Freight Tools, Aarons, Rite Aid, and Family Dollar. The overall occupancy of the center is 74%. National Corporate Tenants make up 82%. STRONG GROCERY ANCHOR Save A Lot has expanded its space and has exercised three options since 2000. The Guarantor, Houchens Foods, is the largest Save a Lot Operator. Houchens operates 425 Grocery Store locations in 18 states, has 8,000 Employees, and $3 Billion in annual revenue. Houchens is the largest Employee-Owned company in the world. STRONG STORE SALES Save A Lot and Rite Aid have Rent-to-Sales Ratios of less than 1.5%. NEW LEASES AND RENEWALS Harbor Freight has recently signed a brand new 10-Year Lease with five, 5-Year Options. Aarons, Family Dollar, and Save a Lot have all exercised Options to Renew within the last 12 months. STRONG RETURN WITH UPSIDE Priced at a 9.00% CAP Rate on in place income (74% Occupancy) the propertyoffers a strong return as-is. With an average rent of $6.24/SF (less than half the market average) and 25% Vacant Space there is significant achievable upside with this offering. Simply leasing the center to 90% occupancy at $8/SF will yield a 12.33% CAP Rate and a 25% Return. ATTRACTIVE DEMOGRAPHICS Cookeville boasts solid growing demographics. The five-mile population of nearly 50,000 people has grown by over 20% since 2000 and currently has an average income over $50,000.