OFF MARKET 4,000 sf Office Building –100% Occupied by State of TN

[Richard Corley]

Location: Crossville, TN

Asking Price: $800,000

Years 1-7 NOI: $54,510

Years 8-10 NOI: $59,797

I have just finished a tenant improvement project in Middle Tennessee for the State of Tennessee, and I am now looking to sell to move on to another opportunity. This building is secured by a new lease with a seven-year commitment from the State, which is rated AAA by Moody’s, Fitch, and S&P.

This lease also has a one 3-year renewal option, which has already been approved and budgeted for with the State’s real estate asset management department. Starting in year 8, the rent will bump up almost 10%.

Again, I am looking to sell in order to acquire another property that is much closer to where I live. This was a great project for a tenant that will be in place for generations, but I would like to continue moving forward with my career by narrowing my geographic criteria.

Since I will need to move fast, I would like to only entertain cash offers, but please reach out if you have a more creative solution.

Please feel free to contact me in you want/need more information!