Investment Offering
Millington, TN - RaceTrac
8454 TN-3 | Millington, TN 38053
$3,194,000
Price5.25%
Cap Rate$167,700
NOI4,005
± SF Offering GLADescription
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, RaceWay investment property located in Millington, TN. The tenant, RaceTrac Petroleum, Inc has 7+ years remaining on their 15 year lease with 7 (5-year) options to extend, demonstrating their commitment to the site. The lease features 7.50% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for an out of state investor.
Location
The RaceWay is strategically located at the signalized, hard corner intersection of Wilkinsville Rd and U.S. Highway 51 with a combined 31,000 VPD. U.S. Highway 51
is the major retail thoroughfare serving the city of Millington. The asset is next to Millington Farms Shopping Center, a 106,000 square foot Ross anchored center. In addition, RaceWay is also across from a 20,000 square foot center anchored by Starbucks. The property is in the center of a primary retail corridor with other nearby national/credit tenants including a Walmart Supercenter, Lowe’s, Petco, Ross, Chick-fil-A, Chili’s, IHOP, and more, further increasing consumer traffic to the site. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. The investment benefits from excellent visibility and access via significant street frontage, multiple points of ingress/egress, and a large pylon sign. The 10-mile trade area is supported by a population of over 129,000 with an average household income of $91,000..
Documents & Links
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 Offering Memorandum |  |  |
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215