1245 Germantown Pkwy Memphis, TN 38016
- Lifestyle centers
- 142,626 SF
- 16.00 lot acres
Current Use by Public Records
- The Blue Room Restaurant / Restaurant
Property Details for 1245 Germantown Pkwy
- Year built
- 2000
- Lot size
- 16.00 lot acres
- Property size
- 142,626 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional 142,626 square-foot shopping center in Memphis, Tennessee, presents a compelling value-add opportunity. Located on a 16-acre lot at the signalized intersection of Germantown Parkway and Cordova Road, this single-story property boasts a prime location within the northeast submarket of Cordova, offering easy access to major thoroughfares like I-40 and Hwy 64. Built in 2000, the center currently enjoys 81.6% occupancy with strong tenants including Incredible Pizza, University of Memphis, and The Tile Shop. Two available units totaling 26,230 square feet (17,000 SF and 9,230 SF) present significant upside potential for lease-up. One unit is temporarily occupied by Spirit Halloween. The property benefits from high visibility, seven points of ingress/egress, and a large pylon sign. The strong tenant mix and strategic location contribute to a substantial net operating income (NOI) of $1,181,075, resulting in an attractive 9.23% cap rate. The asking price is $12,800,000, translating to $89.75 per square foot. Nearby retailers include Petco, Party City, Malco Theater, HomeGoods, Kroger, Walmart, Marshalls, IKEA, Kohl's, Lowe's, Dick's Sporting Goods, and Ashley HomeStore. This property offers a rare chance to acquire a well-positioned retail asset with immediate income and significant growth potential.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Memphis
- County
- Shelby
- State
- Tennessee
- Longitude
- -89.7975
- Latitude
- 35.1601
