1964 Tennessee St Tallahassee, FL 32304

Property Details for 1964 Tennessee St

Year built

1979

Lot size

2.20 lot acres

Property size

54,674 SF

Property type

Retail properties

Property subtype

Grocery and convenience stores

Description

This exceptional investment opportunity presents a 54,674 square foot grocery store in Tallahassee, Florida, leased to Kroger, an investment-grade tenant (S&P: BBB). The property boasts a Net Net (NN) lease structure with a substantial remaining lease term of 11.3 years, extending to February 29, 2036. The lease includes attractive rent bumps of 7.5% every five years, ensuring consistent income growth. Situated on a 2.2-acre lot at the highly trafficked intersection of West Tennessee Street and Ocala Road, the property benefits from exceptional visibility and exposure to over 81,500 vehicles daily. Its prime location in the Collegetown area, near Florida State University's campus (44,000+ students), and proximity to Tallahassee Memorial Hospital and Ocala Corners shopping center (2.3 million annual visitors), guarantee a strong and consistent customer base. Built in 1979 and renovated in 2016, the property offers significant upside potential, whether through Kroger's potential return or the attraction of another grocery tenant. The property is less than a 15-minute drive from Tallahassee International Airport. Six five-year lease options further enhance the long-term value of this investment. This is a rare opportunity to acquire a strategically located, high-yield asset in a thriving market.

Location Insight

City

Tallahassee

County

Leon

State

Florida

Longitude

-84.3151

Latitude

30.4498