Newport Towne Centre

Price: $7,827,000
Sq. Ft.: 56,792
Cap Rate: 7.0%
Built: 2007

Newport Towne Center is 91 percent leased to a collection of destination and essential retailers. Marshalls and Shoe Show are major apparel brands that confirm the regional draw of this location. Marshalls is on a brand new 10-year lease term through 2032. Dollar Tree, Sally Beauty, and Great Clips are also national brands that often co-locate with Walmart and Lowe’s.  Together, Sally Beauty Supply, Dollar Tree, Great Clips, Shoe Show, Marshalls, and US Cellular make up 54 percent of the effective gross rents, which has strong credit.

The property has two retail spaces available, providing an opportunity to add more than $60,000 to NOI immediately. Tenants have an average of more than five years of lease term remaining, providing stability to go along with the leasing upside.

The property is in Cocke County, around 50 miles east of Knoxville in eastern Tennessee. Interstate-40 is the state’s major east-west thoroughfare and brings more than 31,000 vehicles per day through the area. Route 32 (Cosby Highway), with more than 20,000 vehicles per day, is the major local road through Newport and home to major retail developments and the traditional downtown area.

  • 56,792-Square-Foot Shopping Center | 91% Leased to National & Essential Retailers
  • Strong Credit Tenant Base of Marshalls, Shoe Show, Dollar Tree, Sally Beauty Supply, Great Clips, and US Cellular Make Up 54%of the Effective Gross Rents
  • Shadow-Anchored by Walmart Supercenter and Lowe’s Home Improvement
  • Walmart is Ranked in the Top 75th Percentile in the State of Tennessee Based on Consumer Traffic, Compared to Other Walmart Stores (Source: Placer Labs)
  • Ability to Add $60,000 to NOI Immediately Through Lease-Up
  • Modern and Well Maintained 2007 Construction
  • 31,000+ Vehicles Per Day on Interstate-40
  • Over $46,000 Retail Sales Per Capita, Three Times the  Average for All of Tennessee
  • Retail Trade Area Serves Douglas Lake, the Great Smokey Mountains, and Cherokee National Forest
  • 14 Million Annual Visitors to the Great Smokey Mountains
  • 1.7 Million Annual Visitors to Douglas Lake