Thorntons - Nashville, TN_Property for Sale
Thorntons - Nashville, TN_Property for Sale
3475 Dickerson Pike, Nashville, TN, 37207, US

Thorntons - Nashville, TN

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the 4,400 square foot freestanding, under construction single-tenant Thorntons located at 3475 Dickerson Pike in Nashville, TN (“Property” or “Asset”). The Asset is 100% leased to Thorntons LLC ( “Tenant”) with a brand new 15.0-year absolute NNN ground lease, 10.0% rent escalations every 5-years, and seven, five-year renewal options with no landlord responsibilities. Thorntons is backed by its investment grade (S&P: ‘A’) parent company, BP, the largest energy company in America.


Situated in the rapidly growing East Nashville, Thorntons benefits from its position along Dickerson Pike (23,00 VPD), one of the busiest roads in Nashville and the main throughfare in and out of downtown other than I-65. The Property sits directly off Briley parkway and Interstate 65, a major north-south interstate highway in central U.S., with access to more than 246,000 VPD combined. Thorntons is the first gas station off a major Interstate 65 southbound exit heading into downtown Nashville.


Adjacent is Skyline Commons, a shopping center anchored by Walmart Supercenter and Lowe’s Home Improvement that sees more than 2.9 million visits annually (Placer.ai). Also adjacent is a Hampton Inn & Suites with 126 keys, and TriStar Skyline Medical Center. TriStar Skyline is a Level I Trauma Center with 353 beds, 1,300+ staff members, 63,000+ annual ER visits and 17,700+ annual patient admissions. Several major projects are set to be built along Dickerson Pike, including homes, apartments, and businesses. Notably, the vacant land next to Thorntons will soon be under construction to a 20-acre mixed use development with 430 apartment units, 85 homes, 22,000+ square feet of retail space, schools, and green areas.

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Attributes

Asking price
€4,562,000
Cap rate
5.25%
NOI
€240,000
WAULT
14.8 years
Year built
2024
Building area net
409 m²

Media

Investment Highlights

  • Brand new absolute NNN ground lease with zero landlord responsibilities, ±14.8 years of remaining lease term, and 10.0% escalations every 5-years
  • Thorntons is a leading independent convenience and fuel center retailer backed by BP, an investment grade parent company (S&P: ‘A’)
  • Adjacent to Skyline Commons Shopping mall anchored by Walmart and Lowes with 2.9 million visits annually
  • Strategically positioned along Dickerson Pike, one of the busiest roads in Nashville (246,000 VPD) and a rapidly growing corridor
  • Adjacent to Tristar Skyline Medical Center with 353 beds and Hampton Inn & Suites with 126 keys 
  • Thorntons is the first major gas station off a major I-65 southbound exit 
Thorntons - Nashville, TN 4_Property for Sale

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Thorntons - Nashville, TN (0 Properties)

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Last updated
20 Jun 2024