Farragut_copy 1.eps - First Commercial Real Estate

Farragut Pointe
FARRAGUT (KNOXVILLE), TN
PROPERTY OVERVIEW
Property Location
GLA
11132 Kingston Pike
Knoxville, Tennessee
+/- 71,311 SF
Site Size
+ 10.4 Acres
Zoning
Commercial
Year Built
1991
Parking
+/- 378 (5.3 per 1,000 SF)
Access
901 feet on Kingston Pike(with 2 curb cuts)
598 feet on Concrod Rd(with 1 curb cut)
Flood Zone
NFIP Map Number and date 47093C0244F 05/02/2007
Traffic Counts
CPD
Kingston Pike :
27,119
Concord Road :
Demographics
14,420
1 mile
3 mile
5 mile
2011 Est. Population:
4,910
32,257
76,691
2016 Proj. Population:
5,103
34,378
82,499
2011 Est. Avg HH Income:
$90,927
$99,552
$95,255
2016 Proj. Avg HH Income:
$91,968
$101,022
$97,019
PROPERTY HIGHLIGHTS
Excellent Location
Farragut Pointe is strategically located along Kingston
Pike, which parallels I-40 and is the primary commercial
artery extending from downtown Knoxville to the City of
Farragut. The Property is also near Pellissippi Parkway,
a limited access highway connecting the adjacent
communities of Oak Ridge, Alcoa, and Maryville. As a
Farragut Pointe
result, Farragut Pointe is convenient to the majority of
residents within the greater Knoxville metro area.
Submarket Advantage
Farragut Pointe is located within the City of Farragut,
a rapidly growing suburban area within the greater
Knoxville metro area. Farragut boasts a population
of 32,257 people with average household incomes of
$99,552, creating significant demand for retail goods and
services. Farragut has experienced tremendous growth
over the past 10 years. From 2000-2011 the population
within a 3 mile radius grew 19.35%, to a total of 12,433
University Town
Knoxville Economy
households, translating to almost $1.2 billion in spending
Knoxville, Tennessee is home to the University of
Knoxville maintains diversity in leading industry sectors
power within the immediate area.
Tennessee. The school boasts over 27,000 graduate
including technology, education, healthcare, and tourism.
and undergraduate students and acts as a cultural and
Its “Innovation Valley” economic development partnership
economic touchstone for the region. The University is
has successfully brought world class science, technology
an incubator for highly trained workers, new business
and business resources to the region. More than 1,000
initiatives, research and development, and large scale
wholesale distribution centers call Knoxville home, as
capital projects which support the school’s mission. As
well as the customer service call centers for several
a result, the University of Tennessee’s presence adds a
corporations.
recession-proof segment to Knoxville’s economic base.
SITE PLAN
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SF
1,665
1,420
1,036
937
1,070
2,829
5,076
57,278
EAST AERIAL VIEW OF THE SUBMARKET
Mercy Medical
Center West
Turkey Creek
Pinnacle at
Turkey Creek
Wal-Mart Supercenter
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SOUTH AERIAL VIEW OF THE SUBMARKET
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NORTH AERIAL VIEW OF THE SUBMARKET
Farragut High
School and
Middle School
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Pointe
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WEST AERIAL VIEW OF THE SUBMARKET
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Village
Farragut
Pointe
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Knoxville
is located in the eastern
The Knoxville area is the hub for three major interstate
portion of Tennessee and lies in the shadows of the Great
systems including Interstate 40, Interstate 75 and Interstate
Smoky Mountains and the Cumberland Mountains.
81, and is within one day’s drive of half of the nation’s
The Knoxville Metropolitan Statistical Area (MSA) has a
population. Interstate 640 circles the city to the north and
population of 712,366 and covers 2,518 square miles
Interstate 140 connects the airport to surrounding cities
through Anderson, Blount, Loudon, Knox, Sevier and
such as Alcoa and Oak Ridge. The McGhee Tyson Airport,
Union counties. The third largest metropolitan area in
a regional passenger and freight airport, handles over 100
Tennessee, Knoxville is perhaps one of the most scenic
commercial flights dailey for the region. McGhee Tyson is
cities in the country and provides endless opportunities for
located approximately 12 miles from downtown Knoxville
recreation and lifestyle.
and offers service through 12 commercial airlines.
Recently, Knoxville was ranked as one of the 50 hottest
Knoxville is rich with cultural attractions: a symphony
cities for business relocation and expansion by Expansion
orchestra, an opera company, a city ballet, a professional
Management Magazine . Additionally, the Knoxville MSA
theater company and multiple museums boasting
was ranked by “Places Rated Almanac” as the “best place
national exhibits, as well as excellent parks and a
to live in the United States and Canada” among cities with a
thriving downtown. The main campus of the University of
population of fewer than one million.
Tennessee adds to the allure of this area, with nationally
ranked sporting events, and the energy of 27,000
At nearly ten percent below the national average, the cost
students to the community. The University of Tennessee
of living in Knoxville is just one of the many factors adding
is a 417–acre campus and offers over 415 degree
to the great quality of life residents enjoy. Housing prices
programs including agriculture, business administration,
are among the lowest in the state and are a full 18 percent
communications, education, engineering, law, veterinary
below the national average. A low tax burden also makes
medicine, social work and liberal arts.
Knoxville one of the nation’s more affordable locations for
both businesses and individuals.
University of Tennessee Campus
Source: Chamber of Commerce
December 2011
KNOXVILLE ECONOMY
MAJOR EMPLOYERS
The City of Knoxville is characterized by a strong
U.S. Department of Energy
KNOXVILLE RANKINGS
12,620
•
business climate and stable, secure employee base
provided by The University of Tennessee, Tennessee
Business and Careers”, Forbes
Covenant Health
8,834
Valley Authority and the Oak Ridge National
Laboratory. Once noted for its manufacturing and
Knoxville ranked 10th for “Best Places for
•
University of Tennessee—Knoxville
8,429
Knox County Schools
8,150
Third Best Metro for Business & Expansion,
Expansion Management Magazine
distribution operations, Knoxville has seen recent
growth in the technology, government and healthcare
•
employment base. More than a thousand wholesale
distribution centers call Knoxville home, as well as
Forbes
Walmart Stores, Inc.
5,300
several customer service call centers for various
corporations.
Eighth among Best Places to Raise a Family,
•
St. Mary’s Health System
3,404
Baptist Health System of East Tennessee
2,500
Fourth Best City for Real Estate Investments, Local
Market Monitor
Knoxville’s diverse economy greatly benefits from
low unemployment, consistent job growth and a
•
Business Facilities
well–trained growing labor force. The job market in
Knoxville is one of the most improved in the country,
City of Knoxville
2,858
•
according to a ranking released by Forbes Magazine.
As of December 2010, the Knoxville Area labor force
University of Tennessee Medical Center
3,579
Almanac Millennium Edition
Knox County Government
under neighboring county and state averages. With
* Please note: All employment totals include full–time,
part–time and seasonal employees.
a median age of 33.4 the City of Knoxville continues
to provide East Tennessee with a strong, sizeable
workforce.
2,623
•
Development, the unemployment rate in Knox County
of 7.30 percent as of December 2010 is significantly
#1 Best Place to Live for cities under one million
population. (354 metros ranked) Places Rated
consisted of over 369,480 employees. According
to the Tennessee Department of Labor & Workforce
Top 5 Metro for Economic Growth Potential,
Sources: US Census Bureau, www.knoxmpc.org, www.tys.org
Knoxville ranked 14th in “Top Logistic Cities in the
Southeast”, Expansion Management Magazine,
DEMOGRAPHICS
11132 Kingston Pike
1 mile radius
P O P U L A T I O N
2011 Estimated Population
2016 Projected Population
2000 Census Population
1990 Census Population
Growth 2000-2011
Growth 2011-2016
2011 Estimated Median Age
H O U S E H O L D S
2011 Estimated Average Age
2011 Estimated Households
2016 Projected Households
2000 Census Households
1990 Census Households
Growth 2000-2011
Growth 2011-2016
2011 Estimated Average Household Size
I N C O M E
2011 Estimated Median Household Income
2016 Projected Median Household Income
2000 Census Median Household Income
1990 Census Median Household Income
2011 Estimated Average Household Income
2011 Estimated Per Capita Income
H O U S I N G
2011 Estimated Housing Units
2011 Estimated Occupied Units
2011 Estimated Vacant Units
2011 Estimated Owner Occupied Units
2011 Estimated Renter Occupied Units
2011 Estimated Median Housing Value
2011 Estimated Average Housing Value
11132 Kingston Pike
3 mile radius
11132 Kingston Pike
5 mile radius
4,910
5,103
4,492
3,953
9.32%
3.92%
40.67
39.56
32,257
34,378
27,027
20,448
19.35%
6.58%
41.35
39.29
76,691
82,499
61,565
44,522
24.57%
7.57%
38.97
38.03
1,883
1,965
1,654
1,292
13.85%
4.34%
2.55
12,433
12,237
10,137
7,105
22.65%
6.47%
2.56
29,902
32,042
23,536
16,449
27.05%
7.16%
2.55
$73,787
$74,466
$67,258
$52,248
$90,927
$35,300
$78,255
$79,244
$69,044
$48,325
$99,552
$38,899
$73,272
$74,558
$63,004
$45,019
$95,255
$37,340
1,987
1,883
103
1,584
299
$195,159
$241,221
13,120
12,433
687
10,686
1,746
$222,641
$268,661
31,580
29,902
1,678
24,381
5,521
$215,274
$260,367
DEMOGRAPHICS MAP
45,507 CPD