Center at Kelsey Lane
Closed874 US-321, Lenoir City, TN 37771
Property type
Retail
Unit / Space count
5
Price
$4,750,000
Building size
10,000 sf
Rentable area
10,000 SF
Year built
2015
Year renovated
Occupancy
Zoning code
Lot size
1.80 Acres
Sold/status
Sold · Date unknown
Sale price
$4750000
CAP
5.95%
Net Operating Income
$282,480
Property description
Franklin Street is pleased to present The Center at Kelsey Lane in Lenoir City, Tennessee which is part of the Knoxville MSA. Lenoir City is located in northeast Tennessee, and less than 30 minutes from downtown Knoxville the major employment hub for northeast Tennessee. The Center at Kelsey Lane is a 10,000 SF street front retail center with excellent visibility on Hwy 321 with 29,000+VPD. The property is located at a strong lighted intersection shared with many other national traffic generating retailers. While most new construction centers of similar quality have average rental rates in the upper $30 PSF range, The Center at Kelsey Lane has much more reasonable and replaceable rents with established tenants. The center is located on the main retail corridor in Lenoir City and less than a mile from the I-75 interchange. The site is made up of a national tenant line up with Starbucks, Supercuts, and AT&T. The newest tenant to the center is Full Service BBQ, a popular regional barbeque restaurant with an outdoor patio with two other locations and multiple food trucks within the Knoxville MSA. Bringing significant day time population to the immediate area is the Fort Loudoun Medical Center located just a half a mile from the property.
Property highlights
- 10,000 SF street front retail center in the Knoxville MSA
- National credit tenant lineup behind the leases: Starbucks, AT&T, Supercuts, & Heartland Dental (subleased)
- Located at lighted intersection with anchors Food City, Walmart, and Home Depot bringing daily traffic
- Major retail corridor for large trade area: 86,000+ residents
- Excellent visibility from Highway 321: 29,009 VPD
- Surrounded by national QSR users: KFC, Zaxby's, Chick-fil-A, Burger King, Firehouse Subs, Bojangles, Which Wich, Pizza Hut, among many others
- Starbucks has a drive-thru location with substantially lower rent than if they were in a single tenant location
- Affluent area with $108,000+ household incomes within the trade area
- Ease of management with just 5 tenants on NNN leases