Freedom Plaza | 1843 Foreman Dr
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Freedom Plaza 1843 Foreman Dr
25,737 SF 95% Leased Office Building Cookeville, TN 38501 $13,380,124 CAD ($520 CAD/SF) 5.70% Cap Rate
EXECUTIVE SUMMARY
» Brand new 10-Year lease with State of Tennessee (AAA credit rating by all three agencies)
» Building is 93% occupied with reliable government tenants (State of TN, USDA, US Army)
» State of Tennessee takes up 73% of the net operating income
» Rare opportunity to acquire a high-quality, AAA rated government-backed leases
» Right off Interstate 40 surrounded by major national retail tenants including Walmart, Sam’s
» Club, Lowe’s, Chick-fil-A, Publix, AMC, Cracker Barrel, Arby’s, Hardee’s, and more
» Anchor tenant occupying 73% of the building with a AAA credit rating across all 3 agencies
» State of TN higher credit rating (AAA) than the federal government (AA+)
» Within 500 feet of Arby’s, Hardee’s, Waffle House, and Bojangles
» Rental Increases: 3.65% at Year 4; 4% at Year 7 (State of TN); 3% every 5 Years (DaVita)
» Extremely low submarket vacancy rate of 1.1% demonstrating strong demand for office space
» Minutes to VA Outpatient Clinic and Cookeville Regional Medical Center
» Walking proximity to Holiday Inn Cookeville, an IHG Hotel
» Tax Free State, No State Income Tax in Tennessee
» Ample Parking | Over 134 Spaces
» #1 state in the U.S. for the lowest state debt per capita
» #1 state in the U.S. for global access and infrastructure
» #1 state in the U.S. for advanced industry job growth
» #3 top State for Business – CNBC, 2023
» Gold LEEDS rating
» Mix of professional office and government tenants
» Close Proximity to Interstate 40, the third-longest interstate highway
» Building is 93% occupied with reliable government tenants (State of TN, USDA, US Army)
» State of Tennessee takes up 73% of the net operating income
» Rare opportunity to acquire a high-quality, AAA rated government-backed leases
» Right off Interstate 40 surrounded by major national retail tenants including Walmart, Sam’s
» Club, Lowe’s, Chick-fil-A, Publix, AMC, Cracker Barrel, Arby’s, Hardee’s, and more
» Anchor tenant occupying 73% of the building with a AAA credit rating across all 3 agencies
» State of TN higher credit rating (AAA) than the federal government (AA+)
» Within 500 feet of Arby’s, Hardee’s, Waffle House, and Bojangles
» Rental Increases: 3.65% at Year 4; 4% at Year 7 (State of TN); 3% every 5 Years (DaVita)
» Extremely low submarket vacancy rate of 1.1% demonstrating strong demand for office space
» Minutes to VA Outpatient Clinic and Cookeville Regional Medical Center
» Walking proximity to Holiday Inn Cookeville, an IHG Hotel
» Tax Free State, No State Income Tax in Tennessee
» Ample Parking | Over 134 Spaces
» #1 state in the U.S. for the lowest state debt per capita
» #1 state in the U.S. for global access and infrastructure
» #1 state in the U.S. for advanced industry job growth
» #3 top State for Business – CNBC, 2023
» Gold LEEDS rating
» Mix of professional office and government tenants
» Close Proximity to Interstate 40, the third-longest interstate highway
DATA ROOM Click Here to Access
- Offering Memorandum
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Building Size
25,737 SF
Building Class
A
Year Built
2008
Price
$13,380,124 CAD
Price Per SF
$520 CAD
Cap Rate
5.70%
NOI
$763,272 CAD
Percent Leased
95%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
12,869 SF
Building FAR
0.28
Lot Size
2.10 AC
Opportunity Zone
Yes
Zoning
C3
Parking
135 Spaces (5.25 Spaces per 1,000 SF Leased)
MAJOR TENANTS Click Here to Access
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
-
- Health Care and Social Assistance
- -
-
$9.99
-
Lorem Ipsum
-
Jan 0000
At DaVita, they are driven to deliver differential, equitable and holistic care to their patients throughout their entire kidney disease journey. DaVita is guided by its Mission—to become the provider, partner and employer of choice—and a set of Core Values—Service Excellence, Integrity, Team, Continuous Improvement, Accountability, Fulfillment and Fun—which are reinforced at all levels of the organization. They are committed to strong corporate governance policies and practices, as well as compliance with federal and state laws.
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
|
|
Health Care and Social Assistance | - | $9.99 | Lorem Ipsum | Jan 0000 |
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- CONDITION
- AVAILABLE
- 2nd Floor
- 1,200 SF
- Office
- -
- Now
| Space | Size | Space Use | Condition | Available |
| 2nd Floor | 1,200 SF | Office | - | Now |
2nd Floor
| Size |
| 1,200 SF |
| Space Use |
| Office |
| Condition |
| - |
| Available |
| Now |
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PROPERTY TAXES
| Parcel Number | 065-057.03 | Improvements Assessment | $2,154,837 CAD (2023) |
| Land Assessment | $234,419 CAD (2023) | Total Assessment | $2,389,255 CAD (2023) |
PROPERTY TAXES
Parcel Number
065-057.03
Land Assessment
$234,419 CAD (2023)
Improvements Assessment
$2,154,837 CAD (2023)
Total Assessment
$2,389,255 CAD (2023)
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Freedom Plaza | 1843 Foreman Dr
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