Freedom Plaza

1843 Foreman Dr, Cookeville, TN

$9,250,000 For Sale
Property

Details

1843 Foreman Dr,
Cookeville, TN
$9,250,000
  • Status For Sale
  • Term 10 Years
  • Cap Rate 6.35%
  • Building Size 25737 SQ. FT
Interested Request OM
Property

Highlights

• 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