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207-231 Mose Dr
Sparta, TN 38583
West Town Plaza · Retail Property For Sale
Investment Highlights
- Built in 1984 and recently redeveloped in 2023 limits capital repairs for an investor during the hold period
- The asset benefits from newly signed long term leases with national tenants
- Sparta’s entire geographic area is designated as an Opportunity Zone offering potential tax benefits for investors
- Situated just off Highway 111 (16,000 VPD), with strong visibility and access, and adjacent to popular fast-food chains
- The offering includes two development sites that can accommodate future retail uses. Initial plans show approximately 3.6 acres of additional land
Executive Summary
Atlantic Capital Partners has been exclusively engaged to market for sale West Towne Plaza, a premier neighborhood shopping center in Sparta, TN, anchored by newly signed national tenants including Five Below, Bealls, and Shoe Sensation. The 21.1-acre site is ideally situated along Route 111, the primary highway connecting Sparta to Cookeville to the north and Spencer to the south. The center benefits from significant community engagement and ongoing demand for retail space, as demonstrated by the rapid lease-up following redevelopment. Furthermore, the availability of adjacent land parcels and planned outparcel development provide investors with compelling near-term value enhancement opportunities. Totaling 94,152 square feet, West Towne Plaza is presently 100% leased to 12 retail tenants with 5.8 years of weighted average lease term remaining. West Towne Plaza is being offered for sale at a stated list price of $8,200,000. The asset is being offered for sale, free-and-clear of existing debt.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
94,152 SF
Building Class
C
Year Built
1984
Price
$11,226,374 CAD
Price Per SF
$119.24 CAD
Cap Rate
7.70%
NOI
$864,791 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.11
Lot Size
19.10 AC
Opportunity Zone
Yes
Zoning
C-D - Commercial-D District
Property Taxes
| Parcel Number | 048-019.04 | Improvements Assessment | $754,248 CAD |
| Land Assessment | $767,336 CAD | Total Assessment | $1,521,584 CAD |
Property Taxes
Parcel Number
048-019.04
Land Assessment
$767,336 CAD
Improvements Assessment
$754,248 CAD
Total Assessment
$1,521,584 CAD
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