Freedom Plaza
1843 Foreman Dr, Cookeville, TN
$9,250,000 For SaleCookeville, TN $9,250,000
- Status For Sale
- Term 10 Years
- Cap Rate 6.35%
- Building Size 25737 SQ. FT
• Brand new 10-Year lease with State of Tennessee (AAA credit rating by all three agencies)
• Rental Increases: 3.65% at Year 4; 4% at Year 7 (State of TN); 3% every 5 Years (DaVita)
• State of Tennessee takes up 73% of the net operating income
• Building is 93% occupied with reliable government tenants (State of TN, USDA, US Army)
• Rare opportunity to acquire a high-quality, income-producing asset with gov’t-backed leases
• Right off Interstate 40 surrounded by major national retail tenants including Walmart, Sam’s
Club, Lowe’s, Chick-fil-A, Publix, AMC, Cracker Barrel, Arby’s, Hardee’s, and more
• Anchor tenant occupying 73% of the building with a AAA credit rating across all 3 agencies
• State of TN higher credit rating (AAA) than the federal government (AA+)
• Within 500 feet of Arby’s, Hardee’s, Waffle House, and Bojangles
• Extremely low submarket vacancy rate of 1.1% demonstrating strong demand for office space
• Minutes to VA Outpatient Clinic and Cookeville Regional Medical Center
• Walking proximity to Holiday Inn Cookeville, an IHG Hotel
• Tax Free State, No State Income Tax in Tennessee
• Ample Parking | Over 134 Spaces
• #1 state in the U.S. for the lowest state debt per capita
• #1 state in the U.S. for global access and infrastructure
• #1 state in the U.S. for advanced industry job growth
• #3 top State for Business – CNBC, 2023
• Gold LEEDS rating
• Mix of professional office and government tenants
• Close Proximity to Interstate 40, the third-longest interstate highway