Investment Highlights
Market-Dominant Shopping Center.
At 98% leased, The Columns is a bustling 173,427 square foot power center that is the core asset of a multi-phased regional shopping destination including more than 600,000 square feet of prime retail space. The center is strategically located at the northwest corner of Interstate 40 and Hwy. 45 Bypass in Jackson, Tennessee which is located 80 miles east of Memphis and 120 miles west of Nashville. The Columns anchors a critical mass of more than one (1) million square feet of existing retail space at this intersection and is shadow-anchored by more than 450,000 square feet of adjacent retail space.
Exceptional Tenant Line-up.
More than 86% of the base rental income from The Columns is generated by national credit tenants. While shadow-anchored by Kohl’s, Dick’s Sporting Goods, Hobby Lobby and Home Depot, The Columns is anchored by many best-in-class retail names including Marshalls, Ross Dress for Less, Best Buy, Bed Bath & Beyond, Old Navy and Books-A-Million - all of which have been at the center since 2004. Approximately 20% of the gross leasable area of The Columns is comprised of well-located retail shop space allowing an investor to materially increase rents during the hold period.
Compelling rent growth.
Over a 10 year hold period, the compound annual growth rate exceeds 2.86% based on organic rent growth and using conservative market lease rate assumptions. Annual base rents average $12.40 per square foot and are considered below-market for retail and restaurant space located within the immediate submarket.
Strong Market Demographics.
Average household incomes surrounding The Columns exceed $72,700 within a 1-mile radius and exceed $70,000 within a 3-mile radius. Outside of Memphis, Jackson is considered the primary hub of West Tennessee serving a population of more than 375,000 residents. Jackson’s workforce is drawn from a nine-county region and is fueled by seven (7) colleges/universities as well as a major state technology center.
Excellent access and visibility.
The Columns is bound by Interstate 40 and Hwy. 45 Bypass and also directly benefits from an interior thoroughfare (Vann Drive) which provides very convenient vehicular access through the property with 8 points of ingress and egress throughout the overall shopping center. With just under 95,000 cars per day passing by the center, The Columns is highly visible and easily accessible from all surrounding roadways.
Unencumbered Asset.
The Columns is being delivered to the marketplace free and clear of any existing debt thus allowing an investor to take advantage of today’s aggressive lending environment.
Site Plan
* Click to expand
Demographics
* Click to expand
