Masengill Falls | 2231-2263 Sandstone Dr
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Masengill Falls 2231-2263 Sandstone Dr
47,802 SF 100% Leased Retail Building Morristown, TN 37814 $7,960,100 ($167/SF) 7% Cap Rate
Investment Highlights
- Food City Shadow-Anchored Center
- Below Market Rents (Avg $12.60 PSF) - Future Upside Potential
- Minimal Landlord Expenses- All Tenants Reimburse for NNN Expenses
- 100% Occupied to Medical and Service Oriented Tenants
- Priced Below Replacement Costs- ($166 PSF) & Built in 2015
- Directly Next to Planned Residential Development Masengill Landing- 89 Single Family Homes, 80 Townhomes, and Over 100 Apartment Units
Executive Summary
Marcus & Millichap is pleased to present the opportunity to acquire Masengill Falls, a 47,802 SF Food City shadow-anchored community shopping center. The property is situated on a 6.69-acre site in the rapidly growing city of Morristown, TN.
The shopping center was built in 2015, and 100% occupied by a complementary mix of medical and service-oriented tenants. Over 40% of the tenant roster has been at the center since it was constructed and 77% of the GLA is occupied by medical-use tenants. All tenants are set up on a triple-net rent structure, reimbursing their pro rata share of real estate taxes, insurance, and common area maintenance expenses.
The property is well positioned and part of a high performing Food City anchored grocery center just off Morristown’s main thoroughfare, W Andrew Johnson Hwy (41,192 VPD). Notable retailers in the trade area include Food City, Home Depot, Lowe’s, Chick-fil-A, Walgreens, Dutch Bros Coffee, McDonald’s, Dollar Tree, Harbor Freight Tools and many more.
The property will benefit from a newly planned residential development directly west of Food City named Masengill Landing. The Masengill Landing development will include 89 single family homes, 80 townhomes, and over 100 apartment units. This will help secure the vibrance of the center and continued growth in the immediate area for years to come.
The shopping center was built in 2015, and 100% occupied by a complementary mix of medical and service-oriented tenants. Over 40% of the tenant roster has been at the center since it was constructed and 77% of the GLA is occupied by medical-use tenants. All tenants are set up on a triple-net rent structure, reimbursing their pro rata share of real estate taxes, insurance, and common area maintenance expenses.
The property is well positioned and part of a high performing Food City anchored grocery center just off Morristown’s main thoroughfare, W Andrew Johnson Hwy (41,192 VPD). Notable retailers in the trade area include Food City, Home Depot, Lowe’s, Chick-fil-A, Walgreens, Dutch Bros Coffee, McDonald’s, Dollar Tree, Harbor Freight Tools and many more.
The property will benefit from a newly planned residential development directly west of Food City named Masengill Landing. The Masengill Landing development will include 89 single family homes, 80 townhomes, and over 100 apartment units. This will help secure the vibrance of the center and continued growth in the immediate area for years to come.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
47,802 SF
Year Built
2015
Price
$7,960,100
Price Per SF
$167
Cap Rate
7%
NOI
$557,207
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.16
Land Acres
6.69 AC
Zoning
PCD - Planned Commercial Development
Parking
210 Spaces (4.39 Spaces per 1,000 SF Leased)
Frontage
741 FT on Sandstone Drive
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 041B-A-002.03 | Improvements Assessment | $1,391,000 |
| Land Assessment | $443,920 | Total Assessment | $1,834,920 |
PROPERTY TAXES
Parcel Number
041B-A-002.03
Land Assessment
$443,920
Improvements Assessment
$1,391,000
Total Assessment
$1,834,920
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Paul Bitonti -
Justin Andreasian -
Marcus & Millichap
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Masengill Falls | 2231-2263 Sandstone Dr
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