NASHVILLE-Old Navy just signed a $1.1 million, seven-year lease on 12,000 square feet of retail space at Jackson Plaza. The lease includes an extension option for five more years, valued at $930,000. The total package is worth more than $2 million.
Anchored by an 80,000-square-foot Sears store and a 59,000-square-foot Belk department store, Jackson Plaza is the largest shopping center in the growing Cookeville trade area. Other anchors include national, regional and local retailers such as TJ Maxx, Food Lion, Old Navy, Petco and Factory Card Outlet. The center is 97% leased.
“We were able to extend Old Navy’s lease at the current market rate with this tenant improvement allowance,” Jonathan Gould, CEO of Stonemar Properties, owner and manager of the shopping center, tells GlobeSt.com. Stonemar acted as its own broker for the transaction.
Stonemar has seen significant wins lately. Sporting goods chain Dunham Sports inked a $2 million, 10-year lease for 34,600 square feet at the plaza in March. Dunham will be the first big box sporting goods store in Cookesville. Midway on I-40 between Nashville and Knoxville, Cookesville is the trade center for more than 200,000 people and has annual retail sales of about $1.16 billion, according to Gould.
“Cookeville has excellent traffic and accessibility to 25,000 people who travel daily to work,” Gould says. “The Cookeville area has a diversified employment base, a hospital that employs over 1,800 employees, a local symphony, a drama playhouse, museums and recreation opportunities, and is home to Tennessee Tech University with 11,800 students.”
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