Covington Shopping Center 975 Hwy 51 S. Hwy 72,554 SF 100% Leased Retail Building Covington, TN 38019 $7,097,322 CAD ($97.82 CAD/SF) 7% Cap Rate

Colliers is pleased to present Covington Shopping Center, a +/- 72,000 square-foot, three-tenant shopping center in Covington, TN. Situated along Highway 51 — a high-visibility corridor carrying more than 26,000 vehicles per day — the property is located within the heart of the retail corridor. Surrounding retailers include, but are not limited to, Home Depot, Walmart, Five Below, and many others.
An investor will benefit from a Weighted Average Lease Term of 8.22 years. Furthermore, each tenant has a rental escalation within its current lease term, with Tractor Supply and Goodwill escalating in 2027. Bealls' next escalation is projected to take place in 2029. The average rent in the center equals $4.89 PSF.
Tractor Supply has been in successful operation at this location since 2012. In 2021, they extended their lease for a period of ten (10) years, demonstrating a strong commitment to the location. Bealls signed a ten (10) year lease in 2023. Goodwill is a brand-new tenant, having backfilled the former Big Lots suite, with rent commencing in January 2026.
The subject property also features value-add components through multiple channels. The shopping center spans +/- 11.44 acres with a robust parking field of 499 stalls. The excess parking and land present an opportunity to develop an additional pad site of approximately +/- 0.67 acres, which could support the construction of an additional 5,100 SF of retail space.
Covington, Tennessee, serves as the county seat of Tipton County and is strategically located along the Highway 51 corridor, approximately 35 miles north of downtown Memphis. As part of the greater Memphis MSA, Covington benefits from the region's robust logistics, distribution, and agricultural economy while maintaining a strong small-town commercial core.