2528 Parkway, Pigeon Forge, TN 37863

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Building Details:

• Year Built: 2004

Sperry Van Ness | R. M. Moore, LLC is pleased to exclusively offer for sale the leasehold estate interest in Walden’s Landing, an attractive multi-tenant retail and entertainment center strategically located on the Parkway (U.S. 441) in the heart of the tourist resort city of Pigeon Forge, Tennessee.

The 6-building single story center is situated on approximately 7 acres subject to a long-term ground lease, with about 40.5 years remaining on the lease term. The center is located on the west side of the Parkway (U.S. 441), close to the intersection with Wears Valley Road (U.S. 321). It has 712 feet of Parkway frontage, affording superior visibility and ready access.

Pigeon Forge has high economic barriers to entry, with limited availability of commercial development land and annual retail lease rates that can exceed $50 per square foot. Pigeon Forge and the neighbor city of Gatlinburg are the only cities which the State of Tennessee has officially designated as "Premier Type Tourist Resort City," qualifying them for a unique revenue-sharing status with the state.

Building size above is actually gross leaseable area:

35,207 square feet Retail & restaurants
8,846 square feet Calhoun's restaurant (pays ground rent)
14,500 square feet The Forge Cinemas (pays ground rent)
48,000 square feet Firehouse Golf outdoors course (pays ground rent)
107,553 square feet Gross Leaseable Area



• 8.0% proforma acquisition Cap Rate, closely parallels actual 2012
• $21.55 per square foot average annual retail base rent plus pass throughs
• Supply constrained market
• Ample ground leasehold term remaining (40.5 years)
• 94% current occupancy
• 712 front feet on the Parkway