1843 Foreman Dr - Office FOR SALE


Cookeville, TN 38501
$9,250,000 USD
818-212-2782
1843 Foreman Dr, Cookeville, TN for Sale
$9,250,000 USD
Office - FOR SALE
1/12
null | 5.7% Cap Rate

1843 Foreman Dr
Cookeville, TN 38501


OVERVIEW

» Brand new 10-Year lease with State of Tennessee (AAA credit rating by all three agencies) » Building is 93% occupied with reliable government tenants (State of TN, USDA, US Army) » State of Tennessee takes up 73% of the net operating income » Rare opportunity to acquire a high-quality, AAA rated government-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 » Rental Increases: 3.65% at Year 4; 4% at Year 7 (State of TN); 3% every 5 Years (DaVita) » 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

FOR SALE DETAILS

PRICE

$9,250,000 USD

PRICE/SF

$359 USD /SF

CAP RATE

5.7%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Freedom Plaza

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

A

YEAR BUILT

2008

SPRINKLERS

-

PARKING SPACES

135

LAND DETAILS

LAND ACRES

2.1 AC

LAND SF

91,476 SF

ZONING

C3

APN/PARCEL ID

065-057.03

ASK ABOUT THIS PROPERTY

Edgar OlveraMarcus & MillichapMore Info
818-212-2782

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Edgar OlveraMarcus & MillichapMore Info
818-212-2782

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.