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7 Brew, Morristown, TN

7 Brew, Morristown, TN


Investment Summary

Price $2,282,000
Cap Rate
NOI
Lease Term 20 years
Lease Type Absolute NNN lease, with tenant responsible for all taxes, insurance, and maintenance, including roof, structure, and parking lot
Rental Increases 1% annual rental increases
Year Built 2023
Building Size 510 SF
Lot Size 0.65 acres (28,314 SF)
Status Closed
Lead Brokers Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Investment Highlights

NEW 20-YEAR GUARANTEED ABSOLUTE NNN LEASE TO RAPIDLY EXPANDING COFFEE CHAIN
» 20-year absolute NNN lease rapidly growing coffee chain
» Guaranteed by Southern Brew Corp, a 330+ unit QSR operator (Taco Bell) which has signed an exclusive development agreement with 7 Brew to develop 79 locations over the next eight years, 10 by the end of 2023 in markets in which the operator is already established
» Rare annual rental increases throughout the initial term and options periods
» No landlord management, making this an ideal opportunity for an out-of-area investor
» High-quality 2023 construction built to the latest 7 Brew prototype, featuring a dedicated drive-thru for added customer convenience

FULL ACCESS AND VISIBILITY ALONG MORRISTOWN’S PRIMARY RETAIL CORRIDOR
» High-visibility and easily accessible location along Morristown’s primary retail corridor (41,192 AADT), allowing the site to capture immense tourist, local, and commuter traffic
» Morristown has a daytime population of 118,600, including those commuting to the city from surrounding counties and communities
» Infill location surrounded by Morristown’s major traffic drivers and communal hubs
» Excellent proximity to major national tenants such as Walmart Supercenter, Lowe’s Home Improvement, The Home Depot, ALDI, CVS, Chick-fil-A, Sonic Drive-In, and many more
» Two miles from Morristown-Hamblen Healthcare System (167 beds, 788 employees), the fourth-largest employer in Morristown

POPULOUS AND GROWING TENNESSEE CITY WITH EXCELLENT SUBURBAN DEMOGRAPHICS
» 44,529 residents live within five miles of the property, establishing a reliable customer base for the site
» Projected income increases within 1-, 3-, and 5-mile radii over the next five years poise 7 Brew and Morristown for steady concurrent growth
» Common gateway to Knoxville, the largest city in the East Tennessee Grand Division (192,648 population)
» Central location between Morristown Golf & Country Club and The Country Club, two of Morristown’s busiest recreational attractions

NEW 2023 CONSTRUCTION IN A TAX-FREE STATE
» New high-quality 2023 construction built to latest 7 Brew prototype
» Site features a dedicated drive-thru for added customer convenience
» Tennessee is an income tax-free state

Property Description

SOLD

» This 7 Brew has a high-visibility and easily accessible location along Morristown’s primary retail corridor (41,192 AADT), allowing the site to capture immense tourist, local, and commuter traffic
» Morristown has a daytime population of 118,600, including those commuting to the city from surrounding counties and communities
» The property is an infill location surrounded by Morristown’s major traffic drivers and communal hubs
» Ideally set in a large retail corridor, the property is surrounded by notable tenants such as Walmart Supercenter, Lowe’s Home Improvement, The Home Depot, ALDI, CVS, Chick-fil-A, Sonic Drive-In, and many more, creating significant crossover shopping
» The site greatly benefits from its proximity two miles from Morristown-Hamblen Healthcare System (167 beds, 788 employees), the fourth-largest employer in Morristown
» 44,529 residents live within a five-mile radius of the site, providing an extremely large and reliable customer base
» Projected income increases within 1-, 3-, and 5-mile radii over the next five years poise 7 Brew and Tennessee for steady concurrent growth

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