hickory ridge pavilion - speakcdn.com · teen separate submarkets as shown in the table on the...

H I C KO RY R I D G EPAV I L I O N

6385-6491 Winchester Rd., Memphis, TN 38115 | Southeast Submarket

318,379 SF RETAIL Community Center

For Sale

Dave [email protected]

FOR MORE INFORMATION:

www.commadv.com

Hickory Ridge Pavilion

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Memphis Retail Center

Winchester Court

Hickory Commons

Hickory Ridge Commons

CentennialCommons

KIR

BY P

KY

WINCHESTER RD

Hickory Ridge Mall

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Cross Creek

VH Foods

Centennial Place

Market at Riverdale Bend

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I N T R O D U C T I O N

PROPERTY HIGHLIGHTS

• Approximately 318,379 gross leasable square feet in four separate structures, including 7,637 SF outparcel restaurant • Currently 27% leased• 36.68 +/- acre site • Built in 1997• Parking ratio of 3.15 spaces per 1,000 of GLA• Opportunity to attract anchor & junior anchors • Ability to construct additional 45,000+/- square feet• Superior access via Winchester Road to all points, including SH 385.

Cushman & Wakefield / Commercial Advisors is pleased to offer

qualified purchasers the opportunity to acquire Hickory Ridge

Pavilion, a 318,379 square foot retail community center located

in Memphis, TN. Hickory Ridge Pavilion offers a prime location

fronting onto Winchester Road in Memphis’ Southeast retail sub-

market. The highly visible site is located between the key inter-

sections of Kirby Parkway and Winchester Road to the east and

Hickory Hill Road and Winchester to the west, providing excel-

lent access to surrounding neighborhoods and highways.

Pricing: $4,775,000.00 ($15.00 per square foot)

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P R O P E RT YLEASE PLAN

Hickory Ridge Pavilion Memphis, Tennessee

Unit # Tenant SF

100 Available 22,000


110 Shoe Carnival 13,000

120 Available 3,200

125 Available 4,800

130 Available 1,600

135 Available 3,200

140 Available 2,400

145 Available 4,000

150 Available 1,600

155 Available 1,600

4801 PGA Boulevard, Palm Beach Gardens, Florida 33418P: 561.630.6110 • F: 561.630.6717 • www.ramrealestate.com

Winchester Road

100

110

165

930 950

120

125

135

140

145

150155160

900

910

920

945

105

170

940

162

130

Unit # Tenant SF

160 Available 3,200

162 City Pediatric Expansion 1,600

165 City Pediatric 3,200

170 Available 3,200

900 Available 7,637



930 Value City Furniture 44,609



950 Marshall’s 25,000

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Winchester Road


Unit # Tenant SF




120 Available 3,200

125 Available 4,800

130 Available 1,600

135 Available 3,200

140 Available 2,400

145 Available 4,000

150 Available 1,600

155 Available 1,600


Winchester Road

100

110

165

930 950

120

125

135

140

145

150155160

900

910

920

945

105

170

940

162

130

Unit # Tenant SF

160 Available 3,200



170 Available 3,200

900 Available 7,637







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Unit # Tenant SF




120 Available 3,200

125 Available 4,800

130 Available 1,600

135 Available 3,200

140 Available 2,400

145 Available 4,000

150 Available 1,600

155 Available 1,600


Winchester Road

100

110

165

930 950

120

125

135

140

145

150155160

175

900

910

920

945

105

170

940

162

130

Unit # Tenant SF

160 Available 3,200



170 Available 1,600

175 Available 1,600

900 Available 7,637







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STRATEGIC LOCATION

Situated near the intersection of Winchester Road and Kirby

Parkway, Hickory Ridge Pavilion enjoys a prime location along one

of Memphis’ main retail corridors.

• Winchester Road is an important east/west commercial artery in south Memphis

linking Memphis International Airport (the country’s busiest cargo airport and the

region’s largest economic engine) to the suburban communities of Germantown

and Collierville. This roadway serves as the main retail corridor for the southeast

Memphis area and is home to Federal Express’ World Headquarters (located three

miles east of Hickory Ridge Pavilion).

• With an average daily traffic count of 50,830, the intersection of Winchester Road

and Kirby Parkway is one of the busiest along the Winchester retail corridor.

28,340 VPD Winchester Road

28,983 VPD Kirby Parkway

DEMOGRAPHICS OF CHOICE

Hickory Ridge Pavilion serves a densely populated trade area cov-

ering a five-mile radius.

• 24% of the households in the trade area are occupied by a married-couple family

with at least one child.

• Hickory Ridge Pavilion benefits from a large daytime employment population, with

a workforce of 38,167 within the trade area.

2014 Property Taxes: City of Memphis - $43,520, Shelby County - $56,064;

combined = $.32 psf

I N V E S T M E N T H I G H L I G H T S

Demographics *2014 Estimate 1 Mile 3 Mile 5 MilePopulation 16,744 97,341 198,361Households 6,936 36,466 76,004Av. HH Income 35,350 53,358 68,050Source: CoStar Property®

$ $ $

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With its central location and excellent infrastruc-ture, Memphis is one of the most important logistics centers in the United States. Supporting this vibrant growth, the Memphis Retail Market contains seven-teen separate submarkets as shown in the table on the following page. The dominant submarkets are the Downtown/Midtown, North and Southeast, which is the location of the Hickory Ridge Pavilion. These three submarkets account for the vast majority of total retail space in the MSA and the majority of ab-sorption, leasing and construction activity in recent years.

The total inventory in the Memphis Retail Market encompasses approximately 82,064,968 square feet in 7,499 buildings as of the first quarter of 2014. General retail use comprises the vast majority of the Memphis market, consisting of 37,893,222 square feet in 5,900 buildings. The balance is comprised of shopping centers, which consists of 30,938,208 square feet in 841 buildings, followed by Power Center retail with 6,055,596 square feet and Mall space with 6,088,266 square feet.

Memphis’s Southeast retail submarket is the second largest retail submarket in the MSA. Currently housing 11,579,028 square feet, the Southeast submarket makes up 14.1% of the entire metro Memphis market with an overall average quoted rate of $7.38 NNN. This reflects the wide variety of Class B and A product located throughout the Southeast submarket. The Southeast’s current overall vacancy rate stands at 18.2%. The vacancy rate has been steadily decreasing since peaking in mid-2010, due to the improving general economy and in part to steady absorption with little new construction.

The Southeast submarket’s location highlights include excellent access for retailers via multiple access points from the primary arteries of SH 385, SH

72, SH 78 and I-240. The secondary road network supporting these major roadways function well and afford minimal traffic issues for consumers to reach the various retail centers.

M A R K E T

MEMPHIS RETAIL MARKET

SOUTHEAST RETAIL SUBMARKET

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OVERALL RETAIL SUBMARKET STATS - FIRST QUARTER 2014

PROPERTY PHOTOS

YTD Net YTD Under QuotedMarket # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF RatesCollierville Ret 230 3,958,295 199,395 262,588 6.6% (190) 0 50,302 $15.13 Cordova Ret 253 4,749,782 277,328 315,044 6.6% 25,832 2,400 8,977 $13.29 Downtown/Midtown Ret 1,868 11,595,928 1,178,841 1,183,579 10.2% (12,733) 2,079 175,149 $10.60 East Ret 710 8,803,101 520,122 524,372 6.0% (15,973) 20,772 0 $11.87 Fayette County Ret 99 942,161 40,098 40,098 4.3% 500 0 0 $13.09 Germantown Ret 167 2,770,921 240,072 244,247 8.8% 2,046 0 0 $17.48 Marshall County Ret 145 853,310 67,546 67,546 7.9% (3,000) 0 0 $6.72 North Ret 1,006 9,781,007 1,295,015 1,295,975 13.2% (15,409) 0 0 $4.64 Northeast Ret 376 7,569,053 625,178 625,178 8.3% 36,416 0 73,602 $10.69 Olive Branch Ret 254 2,647,881 124,018 131,018 4.9% (2,450) 0 0 $14.17 Outlying DeSoto Cnty Ret 139 970,356 85,314 85,314 8.8% (2,587) 0 0 $13.42 South Ret 551 5,377,156 583,484 583,484 10.9% 26,887 0 5,000 $8.32 Southaven-Horn Lake Ret 534 6,755,882 232,537 238,887 3.5% (5,291) 3,989 11,128 $13.01 Southeast Ret 633 11,579,028 2,074,431 2,103,245 18.2% 9,496 5,300 8,800 $7.38 Tate County Ret 183 954,270 42,182 42,182 4.4% 4,520 0 0 $10.77 Tipton County Ret 217 1,873,826 112,358 145,622 7.8% 7,604 0 0 $14.26 Tunica County Ret 134 883,011 20,550 20,550 2.3% (1,500) 0 0 $13.83 Totals 7,499 82,064,968 7,718,469 7,908,929 9.6% 54,168 34,540 332,958 $9.58

Source: CoStar Property®

Existing Inventory Vacancy

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L O C AT I O N

Memphis is one of the foremost global logistics centers in the

United States because of its strategic location near the population

center of the country. The city is home to one of the world’s key

shipping and logistics airports, vast interstate and railway systems,

and one of the most critical navigable waterways in the US, the

Mississippi River.

Located at the southwestern tip of the state of Tennessee, Memphis

is the region’s primary economic focal point and the state’s largest

city with a population of 1.3 million. Memphis serves as a critical manufacturing and distribution hub for products bound for each region

of the country and beyond. Highlights of Memphis include:

• Home to FedEx World Air and World Ground Hubs. Founded in Memphis in 1973, currently employing over 32,000 local professionals,

FedEx’s ongoing $2B national expansion continues to substantiate its Memphis facilities.

• A major inland port highlighted by its connectivity to large international and national markets.

• Memphis International Airport (7.3 +/- miles west of Hickory Ridge Pavilion) has reported the second largest worldwide cargo volume

for 2012 and was previously the world’s largest cargo airport for the last 17 years.

• At the crossroads of four critical national Interstates (I-40, I-55, the proposed I-22, and the future I-69), Memphis anchors one of the

busiest trucking corridors in the US.

• Memphis boasts 5 of the US’s top six long-haul

Class 1 rail systems, BNSF, CSX, Norfolk Southern,

Canadian National, and Union Pacific, which touch

$550 Billion of domestic and international freight

annually.

• Host to an enormous inventory of international

companies with large national distribution centers

including Nike, Williams Sonoma, Johnson &

Johnson Health Care Services, Technicolor, Nissan

Parts, Kroger, Kraft, and Pfizer.

• With a highly-skilled and specialized workforce,

Memphis leads the nation’s top 100 cities with the

highest workforce percentage involved in logistics,

transportation, warehousing, and utilities.

MEMPHIS OVERVIEW

Hickory Ridge Pavilion

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David B. Curran Jr., CCIMDirect: 901.273.2358Cell: [email protected]

FOR MORE INFORMATION:

www.commadv.com

No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions,

change of price, rental or other conditions, withdrawal without notice, and to any specific listing conditions imposed by our principals.

Cushman & Wakefield/Commerical Advisors • 5101 Wheelis Drive , Suite 300, Memphis, TN 38117 • 901.366.6070

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hickory ridge pavilion - speakcdn.com · teen separate submarkets as shown in the table on the...

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