Highlights
• 100% leased 2-tenant strip center, both original tenants since 2014. • High visibility & access: Signalized intersection on N Germantown Parkway (58,000+ VPD), just off Interstate 40. • Affluent, growing trade area: 68,000+ residents, average household income ~$100K within 3 miles. • Corporate NNN leases: Projectable income; tenants below CAM caps; 20-year roof warranty transferable. • Premier Memphis retail corridor: Near IKEA (only in TN) and one of two Memphis Costco locations. • Nearby economic growth: Ford’s $5.6B BlueOval City under construction, adding 6,000 jobs in Northeast Memphis.
Description
Pegasus Investments Real Estate Advisory Inc., in conjunction with ParaSell, Inc., as exclusive advisors for the seller, is pleased to present investors with the fee simple interest in a premium two-tenant retail asset in the thriving Cordova submarket of Memphis, Tennessee. Developed in 2015, the 6,200-square-foot building sits on a ±1.00-acre parcel and is fully leased to Vitamin Shoppe and Pyros Pizza, both original tenants with long-term occupancy histories. Vitamin Shoppe operates under a corporate-backed triple net lease and has exercised the first of two five-year renewal options, with one remaining option including a $3.00/SF rental increase. Pyros Pizza similarly operates under a NNN lease, having exercised its first renewal option early, leaving 10 years remaining on the base term and a $3/SF increase at the start of year six (2030). The property features a robust 8.55:1,000 SF parking ratio and a transferable 20-year roof warranty through December 2034, ensuring durable income with minimal near-term capital requirements. Strategically positioned at the signalized intersection of N Germantown Parkway and Varnavas Drive, just off Interstate 40, the property benefits from high-traffic exposure (58,000+ VPD) in a well-established retail corridor anchored by IKEA, Costco, Kohl’s, Ashley HomeStore, Dick’s Sporting Goods, and Ross. Directly across the freeway lies Wolfchase Galleria, the region’s largest shopping mall, alongside Target and Home Depot. The Cordova submarket is a growing residential hub, with average household incomes approaching $100,000 within a three-mile radius, and is surrounded by high-end developments including Colonial Country Club and The Springs at Colonial, a 300-unit multifamily project nearing completion. The area’s long-term growth is further supported by major regional economic drivers, including Ford Motor Company’s $5.6 billion BlueOval City electric vehicle and battery campus in nearby Stanton, expected to create approximately 6,000 new jobs. With its strong tenant roster, durable NNN lease structures, and proximity to both established retail anchors and large-scale economic catalysts, the property presents a rare opportunity for investors to acquire a stabilized, low-management retail asset in one of Memphis’ most dynamic and rapidly expanding corridors.
Property Documents
Vitamin Shoppe Pyros Pizza Flyer.pdf
1.18 MB
Listing Details
- Cap Rate
6.75%
- Tenancy
Multi
- Space Type
Retail
- Sub Category
Restaurant
- Sale Type
Investment Sale
- Date Listed
10/8/2025
- Broker/Agent Co-op
Yes
- Investment Type
Net Lease
- Net Operating Income
$223,200
- Parking Info
53 Spaces (8.55 Spaces per 1,000 SF Leased)
- Building FAR
0.14
Property Specifics
- Property Name
2-Tenant Net Leased Retail in Tennessee | 2286 N Germantown Pky
- Property Class
B
- No of Buildings
1
- No of Stories
1
- Year Built
2014
- Building Size
6,200 SF
- Lot Size
1 Ac
- APN
09-6500-0-0752
- Zoning
PD - Planned Development
- Occupancy
100%