Property tours are available by appointment ONLY. Please contact Alan Cafiero to schedule a site tour at alan.cafiero@marcusmillichap.com or 201-582-1000.
Investment Highlights:
Neighborhood center with value add opportunity through lease-up at market rates
Unique mix of national and local tenants including Outback Steakhouse, Game Stop and Hibbett Sporting Goods
Strong cashflow with credit tenants and considerable upside
Excellent visibility with convenient and excess on-site parking (330 Surface or 6.8/1,000 SF)
Total Specified Consumer Spending (2017) of $384,392,000 within 5-mile radius
Located only ±0.2 miles from Interstate 81 near VA/TN stateline
Investment Overview:
The Shops at Bristol Commons is a neighborhood retail center located at 3168-3170 Linden Drive, in the independent city of Bristol, Virginia. The Shops at Bristol Commons has a unique mix of national and local tenants and offers investors stable cash flows from credit tenants with a value-add opportunity through lease-up of the available ±46% of GLA at market rates.
Built in 2003, the retail center includes approximately 330 surface parking spaces (6.8:1,000 SF) and is situated on an 8.06 acre lot. The Shops at Bristol Commons features 10 store fronts ranging in size between ±2,500 - 10,000 SF with 4 units available for immediate lease. The Property is currently ±54% leased, leaving ±20,000 SF of space immediately available for strategic leasing. The new owner’s basis allows for an aggressive leasing plan to be implemented thereby dramatically increasing the net operating income. The Shops at Bristol Commons has a unique mix of national and local tenants including Outback Steakhouse, Game Stop, Hibbett Sporting Goods round out the list of national credit tenants, bringing substantial traffic to the Property as well as driving shoppers to ancillary tenants. New ownership has the ability to capitalize on the Property’s strong location, varied suite availability, national tenants and existing vacancy to create attractive risk-adjusted returns.
Bristol is an independent city in the Commonwealth of Virginia whose central location and excellent transportation connections make it the center of a five-state area. The city of Bristol is part of the Kingsport-Bristol MSA, which also includes Hawkins and Sullivan Counties in Tennessee, and Scott and Washington Counties in Virginia. The Kingsport/Bristol TN-VA submarket has been experiencing positive stable economic trends that are predicted to improve and prime the region for continued growth. Bristol, Virginia possesses one of the most advanced broadband networks in the country and population is growing steadily with both employment and income increasing in the MSA. Top industries include manufacturing, distribution, healthcare, education and IT.
The Shops at Bristol Commons is located near the VA/TN stateline within a retail node with numerous area amenities including restaurants, hotels, movie theater and retail shopping. The Property benefits from the Cinemark Tinseltown USA which neighbors the The Shops at Bristol Commons and brings additional shoppers to the center. Major retailers surrounding the property include Sam's Club approximately 0.9 mile to the north, Lowe's Home Improvement 1 mile north, and a Walmart Supercenter 0.8 mile to the northeast. Virginia Highlands Community College and King University are both higher education campuses within close proximity to The Shops at Bristol Commons. The Property offers convenient access to Interstate 81 with exit 7 located less than 0.2 mile southeast of the Property.
The Shops at Bristol Commons affords potential investors with the opportunity to acquire a high-quality, well-located asset that provides strong cashflow and considerable upside. New ownership has the ability to capitalize on the current vacancy which includes in-line and junior anchor space to further enhance the tenant mix thereby dramatically increasing the NOI and allowing for substantial risk-adjusted returns. This property will be auctioned on Monday, September 11 - Wednesday, September 13 . The price displayed is the starting bid amount of $750,000. For information and to register to bid on this property, please visit Ten-X.com.
