Sushi Kingdom
Closed2010 Gallatin Pike N, Madison, TN 37115
Property type
Retail
Price
$2,050,000
CAP
7.51%
Building size
5,500 sf
Rentable area
5,500 SF
Year built
2002
Year renovated
Occupancy
Zoning code
Lot size
1.54 Acres
Sold/status
Sold · Date unknown
Sale price
$2050000
Net Operating Income
$154,000
Property description
Franklin Street is pleased to present this Sushi Kingdom ground lease in Madison, Tennessee. Madison is part of the Nashville MSA, and is located less than 10 miles north of downtown Nashville. Home values in the submarket grew by 71% from 2015 to 2020. The Nashville MSA is one of the fastest growing in the country, and grew 1.8% since 2022, the 8th highest among similar sized US MSAs during that span. Nashville itself is seen as a cultural hub for the US South, and dawns the nickname the Music City for its close ties with the history of country music. Nashville's economy is continuing to strengthen, with Amazon and Oracle implementing regional headquarters in the city. The future Oracle campus is part of a larger mixed use plan that will transform the northeastern segment of the Nashville metro upon completion. Dollar General, Nissan, Bridgestone, and Vanderbilt Health are also large economic drivers for Nashville. Sushi Kingdom, is a new, all you can eat sushi concept from the Juicy Crab founders, a southeastern based seafood chain with 57 total units. The new 15-year lease (13 years remaining) is personally backed by the Juicy Crab founders, and the site is an outparcel of Rivergate Mall. Rivergate Mall is a major retail hub for the submarket, and that has plans for future redevelopment and a soon to open BJ's Wholesale. The site also benefits from excellent visibility to over 31,000 vehicles per day on Gallatin Pike.
Property highlights
- Long term ground lease in place: 13 years remaining on new 15-year lease
- Direct outparcel of Rivergate Mall: Major retail option in northern Nashville submarket with future redevelopment plans for the site to drive additional daily traffic
- NNN ground lease with favorable 10% rental increases every 5 years in the primary lease term and in two 5-year options
- Rapidly growing MSA: Nashville grew by 10.4% from 2020-2023, ranking 4th among large US metros during that span
- Strong rent to sale ratio in opening months of operation at this location
- Sushi Kingdom is a new concept of The Juicy Crab: One of four Sushi Kingdom locations, 57 units between the two brands
- North Nashville submarket is showing growth: Housing units increased 15.2% from 2015-2020
- Nearby national retailers include: Target, Walmart Supercenter, Chick-fil-A, LongHorn Steakhouse, PetSmart, TJMaxx, Hobby Lobby, Sprouts Farmers Market, JoAnn Fabrics, and the 50+ tenants of Rivergate Mall, anchored by Dillard’s and JCPenney
- Large parcel: 1.54 Acres that provide future development upside