x
By submitting, you're allowing YAFC Team to email you regarding available listings. You can unsubscribe anytime.

x

Verizon, Oak Ridge, TN

Verizon

Price $2,100,000
Cap Rate 6.00% return
NOI $126,000
Lease Term 10 years
Lease Type Net, with tenant responsible for all taxes, insurance, and maintenance, excluding roof and structure
Rental Increases 10% rental increases every five (5) years
Year Built 2018
Building Size 3,000 SF
Lot Size 1.07 acres (46,609 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Investment Highlights

10-YEAR NET LEASE WITH STRONG GUARANTY
» Guaranteed by Cellular Sales of Knoxville, the largest Verizon franchisee in the country, with over 750 locations and more $2 billion in annual revenue
» 10% rental increases every five years, providing a hedge against inflation
» Relocation of established, successful store within the Oak Ridge submarket

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Strategically located at the signalized hard corner of South Illinois Avenue and Tuskegee Drive/South Tulane Avenue, with excellent visibility and access to 38,031 vehicles per day
» Excellent location at the center of Oak Ridge’s retail corridor
» Outparcel to a shopping center anchored by Pet Supplies Plus and Big Lots
» Directly across from Main Street Oak Ridge, a 58-acre mixed-use redevelopment featuring major national tenants like JCPenney, Belk, Ulta, Dick’s Sporting Goods, T.J. Maxx, and more
» Notable retailers near the property include Walmart Supercenter, Hobby Lobby, Dollar Tree, Books-A-Million, Cinemark, and Kroger

CLOSE TO SEVERAL SCHOOLS AND MAJOR EMPLOYERS
» Minutes from Oak Ridge High School (1,377 students), Robertsville Middle School (723 students), and Willow Brooks Elementary School (368 students)
» Close to several industrial regions that are home to some of Oak Ridge’s largest employers, including the Oak Ridge National Laboratory and the Y-12 National Security Complex
» Population near the property increases during the day due to the number of daytime employees working in the area (12,166 daytime employees within one mile and 33,557 daytime employees within three miles)

STRONG OAK RIDGE MARKET
» Oak Ridge is home two United States Department of Energy facilities—Oak Ridge National Laboratory and Y-12 National Security Complex—also well as numerous other high-wage and high-tech employers
» The U.S. Department of Energy – Oak Ridge Operations is the largest employer in the Knoxville MSA, with 12,387 employees


Property Description

The property is strategically located at the signalized hard corner of South Illinois Avenue and Tuskegee Drive/South Tulane Avenue, with excellent visibility and access to 38,031 vehicles per day. Both roads provide convenient access to Oak Ridge Turnpike, which has a traffic count of 25,030 vehicles per day near the property. The property is outparcel to a shopping center anchored by Pet Supplies Plus and Big Lots. The property is directly across from Main Street Oak Ridge, a 58-acre mixed-use redevelopment featuring major national tenants like JCPenney, Belk, Ulta, Dick’s Sporting Goods, T.J. Maxx, and more. Other notable retailers near the property include Walmart Supercenter, Hobby Lobby, Dollar Tree, Books-A-Million, Cinemark, and Kroger.

The property is centrally located near several schools and major employers. The property is minutes from Oak Ridge High School (1,377 students), Robertsville Middle School (723 students), and Willow Brooks Elementary School (368 students). The property is close to several industrial regions that are home to some of Oak Ridge’s largest employers, including the Oak Ridge National Laboratory and the Y-12 National Security Complex. As a result, the population near the property increases during the day due to the number of daytime employees working in the area; 12,166 daytime employees work within a one-mile radius and 33,557 daytime employees work within a three-mile radius.

Contact Us About This Property

JOIN OUR
EMAIL LIST
SUBSCRIBE
Receive Our Latest Single and Multi-Tenant Listings
close-link