Investment Offering
Harriman, TN - Shoppes of Walden Ridge
2305 N. Gateway Avenue | Gatlinburg, TN 37738
$3,807,000
Price10%
Cap Rate$380,724
NOI62,560
± SF Offering GLADescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in Shoppes of Walden Ridge, a 62,560 SF, 90% occupied shopping center located in Harriman, TN. The center is anchored by Harbor Freight, who occupies approximately 26% of the GLA under a corporate guaranteed, and accounts for 20% of the annual rental revenue. The remaining GLA is leased to a strong, e-commerce resistant lineup of health & wellness, educational, restaurant, and daily needs tenants including Valor - VA Clinic, World Finance, Jake’s Grill & Bar, and more. 5 of the current tenants have renewed their leases within the last 3 years, speaking to the strength of the location and the center-wide commitment to the site. 2 tenants have also recently reached out to current ownership to express interest in renewing leases expiring this year, limiting the potential of short-term rollover. Additionally, 8 of the tenants reimburse for CAM, insurance, and tax expenses, limiting expense leakage for a new investor.
Location
The Shoppes of Walden Ridge is located along North Gateway Ave. / U.S. Highway 27, an arterial thoroughfare traveling through the Harriman-Rockwood area, averaging 13,600 vehicles passing by daily. The center enjoys excellent visibility along North Gateway via two large pylon signs directly along the highway. Moreover, the site is positioned just over two miles west of the on/off ramps to Interstate 40, a primary east/west freeway with an additional 33,000 VPD, providing convenient access for regional commuters. The asset also sits within a dense retail corridor serving the Harriman-Rockwood area, with nearby national/credit tenants including Walmart Supercenter, Burke’s Outlet, Family Dollar, Goodwill, and more. This strong tenant synergy significantly increases consumer draw to the immediate trade area and promotes crossover store exposure for the subject property.