2. Table of Contents
Section I EXECUTIVE SUMMARY
x Executive Summary ......................................................
x Tri cities Market……...................................................
x Location Map................................................................
x Aerial ............................................................................
3
4
5-6
7
Section II MARKET OVERVIEW
x Tri-Cities Market Overview...........................................
x Retail Market Overview................................................
x Demographics...............................................................
8-9
10-11
12
Section III PROPERTY SUMMARY
x Property Description.....................................................
x Property Photos............................................................
x Site Plan ........................................................................
x Survey…………………………………………………...………………… 1919
13
14-16
17-18
3. Executive Summary
The Bristol Mall is a 486,298 square foot regional shopping mall situated on a
45.994 acre site in the Tri-Cities Area of Northeast Tennessee and Southwest
Virginia.
The Tri-Cities Area, nestled in the foothills of the southern Appalachian
Mountains, is located along Interstate 81 midway between Nashville, TN and
Washington D.C. The Tri-Cities Combined Statistical Area encompasses the
Location: 500 Gate City Highway
Bristol, VA 24201
Investment Summary
three primary cities of Bristol, Johnson City and Kingsport; representing an
overall population of over 500,000 residents and making it the fifth largest
CSA in Tennessee.
The property is located immediately south of the highly trafficked
intersection of Interstate 81 and Gate City Highway (U.S. Highway 421) and
immediately north of West State Street; the primary roadway providing
access to Bristol’s thriving downtown district and the new Country Music
Museum.
The area’s transportation network with access to five interstates and rail
service provides access to over 70% of the nation’s population within a one-
day drive providing excellent accessibility to promote the regions thriving
tourism, automotive, manufacturing/distribution, healthcare/education and
Gross Leasable Area:
Anchor GLA:
486,298 square feet (approx.)
309,250 square feet
technology industries.
The property is a two level enclosed regional mall containing a total gross
In-Line GLA: 177,048 square feet
leasable area of approximately 486,298 square feet. There are four anchor
spaces containing a combined 309,250 gross leasable square feet and 58 in-
Year of construction:
Land Size:
1976
45.994 acres
line spaces containing approximately 177,048 square feet.
5. The City of Bristol is one of the principal cities of the Bristol-Johnson City-
Kingsport Combined Statistical Area, commonly referred to as the “Tri-Cities
Area”. This area is the fifth largest CSA in the State of Tennessee with a combined
population base of approximately 500,000.
The Tri-Cities area is a key component of the 15 county region commonly known
as the Northeast Tennessee Valley which includes northeast Tennessee,
southwest Virginia and northwest North Carolina and is home to 1.2 million
people. Top industries in the area include tourism, automotive, manufacturing/
distribution, healthcare/education and a growing cluster of technology start-ups
and call centers that focus on the area’s advanced broadband and fiber optic
network.
Accessibility
The property is located along Gate City Highway; immediately south of Interstate
81, and provides excellent accessibility to all points of the Tri-Cities Area.
Bristol’s thriving downtown entertainment area and the new Country Music
Museum are a mere five minutes from the mall.
Low Retail Sales Tax
The City of Bristol is located along the state line with a portion of the City being
in Tennessee and a portion of the City being in Virginia. The combined state and
local retail sales tax rate for the portion of Bristol that is located in Tennessee is
9.25% while the retail sales tax rate for the portion of Bristol that is located in
Virginia is 5.3%. The Bristol Mall is located in the Virginia portion of the City of
Bristol and benefits from the lower retail sales tax rate of 5.3%.
Tri Cities Market Area
Full Control of Property
Many regional malls throughout the nation include anchor spaces that are
separately owned, either by the tenant or by a third party ownership firm. The
Bristol Mall includes four anchor spaces which are all included in the sale,
giving the owner full ownership and control of the entire mall and all parking
areas that encompass the approximately 46 acre site.
Repositioning Opportunity
With full control of the property, the forward thinking investor/developer can
obtain an extremely viable property at a significant discount to replacement
cost and move forward with a focus on repositioning the Mall to better serve
the needs of the marketplace. The strength of the Tri-Cities Area in tourism,
healthcare, education, and the exceptional broadband/fiber optics network
within the area pose numerous alternative uses for the existing improvements.
10. The City of Bristol is located directly on Tennessee-Virginia state line and is one of
the principal cities of the Bristol-Johnson City-Kingsport Combined Statistical Area,
commonly referred to as the “Tri-Cities Area”. This area is the fifth largest CSA in
the State of Tennessee with a combined population base of approximately 500,000.
Tri-Cities Market Overview
TRI-CITIES TOP EMPLOYERS
Mountain States Health Alliance: 8,700
Wellmont Health Systems: 7,000
Eastman Chemical: 6,700
The Tri-Cities area is a key component of the 15 county region commonly known as K-VA-T Food Stores: 3,800
the Northeast Tennessee Valley which includes northeast Tennessee, southwest East Tennessee State University: 2,800
Virginia and northwest N o r t h Carolina and is home to 1.2 million people. Top Citigroup: 1,950
Industries in the area include tourism, automotive, manufacturing/distribution, VA Medical Center: 1,600
healthcare/education and a growing cluster of technology start-ups and call centers Advance Call Center Technologies: 1,200
that focus on the area’s advanced broadband and fiber optic network. American Water Heater: 1,200
Bristol Compressors: 950
AGC Flat Glass North America: 670
Bristol Mall | 8
11. Tri-Cities Market Overview
Tourism - Nationally known as home to the Bristol Motor Speedway – the “World’s
Fastest Half Mile”, the area is also home to the Bristol Dragway with both drawing
hundreds of thousands of visitors and numerous automotive firms to the region. In
addition to the strong automotive presence, Bristol is home to the recently completed
“Birthplace of Country Music” museum in downtown Bristol and holds numerous music
festivals such as the Bristol Rhythm and Roots Reunion. In addition to the specific events
held throughout the year, the nearby Great Smokey Mountain National Park, which
encompasses over 500,000 acres and is one of the most visited parks in the U.S. hosting
over 9 million visitors each year.
Automotive –The strong automotive base has recently drawn national and international
automotive suppliers including Koyo Corporation of USA and Borla Performance Industries
to locate within the region. Other notable automotive firms in the area include Hud North
America, JTEKT Automotive, OTICS USA, Inc. and numerous other automotive suppliers
and NASCAR race teams.
Manufacturing/Distribution – Manufacturing employs over 70,000 workers within the region including such industry powerhouses as Eastman Chemical, John Deere,
GE and Tempur Production US. The area’s transportation network with access to five interstates and rail service provides access to over 70% of the nation’s
population within a one-day drive making it an ideal location for the numerous manufacturing companies within the region.
Pharmaceuticals/Healthcare – Major employers in the pharmaceutical/healthcare industry include Crown laboratories, BioCorp and King Pharmaceuticals Inc. in
addition to the regional hospitals Wellmount Health System and Mountain States Health Alliance. The strong healthcare industry is supported by prestigious
educational institutions including Lincoln Memorial University’s DeBusk College of Osteopathic Medicine, and East Tennessee State university’s Academic Health
Sciences Center.
Call Centers - The region’s physical infrastructure is complemented by its virtual infrastructure, the area’s digital, broadband, and fiber-optic networks are among the
most advanced available within the nation. Call Centers located within the region include U.S Solutions Group, Dial America, Advanced Call Technologies, AT&T, and
Sprint.
Bristol Mall | 9
12. Retail Market Overview
Bristol Mall
The Bristol Mall has enjoyed many years of success since its opening in
1976 as the dominant shopping destination serving the Bristol area and
has enjoyed a high occupancy with strong anchor tenants including Sears,
JC Penney, Belk, and a 6 screen movie theater in addition to numerous
traditional national credit mall retailers.
Recent competition from nearby retail centers including The Pinnacle and
The Falls have impacted the Bristol Mall by drawing many area consumers
and large retailers to these newer developments. Belk recently relocated
from The Bristol Mall to The Pinnacle and the JC Penney (still lease
obligated) was closed in a nationwide string of closures in 2014. The
theater has also been vacant for several years, leaving Sears as the only
remaining anchor tenant at the mall.
According to many retail experts, the mall is in a phase of transition being
brought about by a nationwide change in consumer shopping patterns
coupled with the competition from recently completed shopping center
developments. Although several national credit retailers have vacated or
relocated out of the mall, there are several existing tenants that are
expected to continue operations within The Bristol Mall including Surf and
Dirt, an online retailer that operates a retail store at the mall in addition to
a large distribution space to accommodate their nationwide salesforce.
Kingsport Mall – The Kingsport Mall (formerly Fort Henry Mall) is located in
the nearby City of Kingsport and was opened in 1976. The mall contains
approximately 530,000 square feet and is anchored by Belk, JC Penney and
Sears.
Mall at Johnson City – The Mall at Johnson City is located in nearby John-
son City and was opened in the mid 1970’s with an expansion being com-
pleted in the 1980’s and a major renovation being completed in the 1990’s.
The mall currently contains approximately 535,000 rentable square feet
and is anchored by Dick’s Sporting Goods, JC Penney, Belk’s and Sears.
The Pinnacle – The Pinnacle is a 240 acre open air retail development that
will contain approximately 1.3 million square feet of retail, office, medical
dining and hospitality options once fully completed. The project opened in
2014 and is anchored by Bass Pro Shops with additional retailers including
Dick’s Sporting Goods, Bed Bath & Beyond, Michael’s, Ulta, Belk, JC Penney,
Kirkland’s, a 12 screen movie theater. Phase II is currently under construc-
tion with a projected completion in mid-2016.
The Falls – The Falls is a new development that opened in 2015 and is an-
chored by Cabela’s and Lowes Home Improvement. Additional tenants that
are currently open or under construction include Zaxby’s, Smokey Moun-
tain Brewery and Sheetz; a convenience store that also prepares fresh
food. The project is projected to encompass over 1 million square feet of
retail space once completed.
Additional retailer’s within the immediate vicinity of The Falls development
include Walmart, Sam’s Club, Home Depot, Target, TJMaxx, Ross,
Petsmart, Best Buy, Bed bath & Beyond as well as many other national
credit retailers and restaurants .
Bristol Mall | 10
14. Demographics
Population 10 Miles 20 Miles 30 Miles 50 Miles
2015 Estimated Population 88,015 282,414 495,464 897,181
2020 Projected Population 89,554 287,909 505,046 909,066
2010 Census Population 88,348 280,860 492,379 896,904
2000 Census Population 85,553 268,927 467,485 856,986
Projected Annual Growth 2015 to 2020 0.3% 0.4% 0.4% 0.3%
Historical Annual Growth 2000 to 2015 0.3% 0.4% 0.5% 0.5%
Housing
2015 Estimated Households 37,803 122,246 212,121 379,363
2020 Projected Households 39,075 126,522 219,649 391,927
2010 Census Households 37,251 119,273 206,696 371,412
2000 Census Households 35,683 112,645 193,198 350,677
Income
2015 Est. Average Household Income $52,999 $55,748 $55,383 $52,307
2015 Est. Median Household Income $40,161 $41,205 $40,944 $38,800
2015 Est. Per Capita Income $22,950 $24,307 $23,950 $22,457
Age
2015 Median Age 42.9 43.3 42.3 42.2
Business
2015 Est. Total Businesses 3,620 12,735 19,184 34,770
2015 Est. Total Employees 43,781 153,081 219,320 382,237
Bristol Mall | 12
15. Prope rty Description
Address: 500 Gate City Highway
Bristol, VA 24201
County: Washington County
Ingress/Egress: 2 dedicated controlled access points via Gate City Highway
with curb cuts on Catherine Street and Osbourne Street
Signage: One pylon sign along Gate City Highway
Land Area: 45.996 acres
Year of Construction: 1976 with renovation/expansion in 1997
Gross Leasable Area: Approximately 486,298 square feet
Construction Type: Brick/Mortar
Roof: Membrane
HVAC: Individual roof-top units
Electric: Individual meters per tenant space
Drive Area: Asphalt pavement; concrete curbs
Parking: 2,237 parking spaces (6.2:1,000 square feet)
Bristol Mall | 13
