UPCOMING ONLINE AUCTION - SEPTEMBER 18-20, 2023 - 600 State Street is a unique property in Bristol, a historic town bordering Tennessee and Virginia. This retail asset totals 30,000 square feet across three floors. The property, originally constructed in 1938, is occupied by two tenants. This building presents a unique value-add opportunity with strong redevelopment or conversion appeal to help meet the Bristol Market's growing needs. There is a built-in opportunity to help increase revenue by leasing the lower-level spaces while re-constructing the top floors.
The 600 State Street building is less than 3 miles away for the highly anticipated Hard Rock Casino. The opening of the Casino is expected to drive extra traffic into the region and increase the need for hospitality rooms. This destination resort will be located at the site of the old Bristol Mall. The casino will offer the public world-class dining, entertainment venues, convention facilities, retailers, and outdoor concert venues. The premium attraction is estimated to open in July 2024 and is expected to bring thousands of jobs and millions in revenue to Bristol, with an estimated 4 million visitors annually.
This asset lies along State Street, the state line between Virginia and Tennessee, a scenic location with iconic signage lined with flags representing each state. The area is filled with dining, shopping, entertainment, and history. Thanks to the city's strong revitalization effort, Downtown Bristol is a thriving community with modern amenities and over 60 businesses. The nearby Bristol Motor Speedway is a popular NASCAR track that brings heavy visitor traffic to the region.
The Downtown Bristol retail submarket is reaching capacity as tenants grapple for the area's remaining space. With only 0.8% of the inventory being vacant, this is an ideal time to acquire a value-add asset and reposition the asset to capture the additional need for space within city limits. This growth has pushed rents higher due to the limited inventory growing at an annual rate of 4.2%. 600 State Street is a rare opportunity to acquire a retail asset ripe for conversion or redevelopment as American small-town tourism continues to boom.
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