Cumberland Square | Big Lots Recent Renewal
For sale is the 100% fee-simple interest in Cumberland Square, a 100% leased Big Lots (NYSE: BIG) anchored shopping center in Crossville, Tennessee. Big Lots accounts for 60% of the GLA and has been a tenant in the property for the past 19 years. They recently exercised their 5 year option, giving them term through 2025 while agreeing to a 16% rental increase. Concurrently with the lease extension, they also fully remodeled and upgraded their store’s interior to the newest prototype. Additional tenants in the property are Avalon Center, Bargain Beds, and EZ Rentals. As of 2019, Rural King has opened in the former Kmart building adjacent to the property. Rural King has a superregional draw in county seat markets and is already generating incredible traffic for the property. Rural King will be granted an easement at closing for the limited display or outdoor equipment on a portion of the subject parcel. For the maintenance of the easement area, Rural King has agreed to contribute $1,500 annually. The property is located in the center of Crossville, which is a thriving county seat market that draws customers and visitors from throughout Cumberland County. Other nearby retailers include Kroger, Food City, Dunham’s, Lowe’s, Walmart, Staples, IGA, Long John Silver’s, Pizza Hut, Dairy Queen, Hardee’s, Krystal, CVS, Autozone, Burger King, and many more.