Tractor Supply Co.

• Tractor Supply is responsible for all expenses, including taxes, insurance, CAM, roof, structure and parking lot. The landlord is required to carry an insurance policy but is fully reimbursed by the tenant. This structure is atypical for the brand, since most Tractor Supply leases are NN+ and leave the landlord responsible for roof, structure, parking lot and more. The result is ideal for a passive investor or 1031 exchange buyer.
• ±4 years of firm term remain, with renewal options to extend occupancy. Each option period carries a 7% rental increase, outperforming the 5% bumps typical of Tractor Supply leases and providing stronger NOI growth and a built-in inflation hedge upon extension.
• The lease is signed by Tractor Supply Company (NASDAQ: TSCO). Tractor Supply holds a Baa1 rating from Moody’s and a BBB rating from S&P Global, both with a stable outlook, reflecting consistent cash flow and conservative financial policies.
• Tractor Supply is the largest rural lifestyle retailer in the United States, ranking #296 on the Fortune 500 and operating 2,463 stores in 49 states. The company generated approximately $15.52 billion in revenue in fiscal 2025, reported Q2 2026 net sales of $4.54B (+2.3% YoY), and guided to 2.5%–3.5% sales growth for fiscal 2026. Headquartered in Brentwood, TN, the brand has an especially strong presence in its home state.
• Farm, ranch and rural lifestyle retail is among the most need-based and e-commerce-resistant categories in retail real estate. Tractor Supply’s focus on livestock feed, fencing, farm and ranch supplies, pet products, propane and outdoor equipment drives frequent visits. The large rural and agricultural trade area surrounding Kingsport aligns directly with the brand’s core customer.
• The fenced outdoor display yard supports Tractor Supply’s high-volume categories: equipment, feed, fencing and trailers. A full-format store signals tenant commitment and strengthens renewal likelihood.
• The site has signalized access via the Walmart entrance at Minnich Trail and Lawson Drive. It sits as an outparcel to a Walmart Supercenter, the primary traffic generator in the trade area. Nearby national retailers include Lowe’s, Sonic Drive-In, Murphy USA and a newly built Ultimate Shine Car Wash. McDonald’s, Walgreens and CVS are along the corridor, and the adjacent Jennings Farm center is home to Dollar Tree, Cato, H&R Block and Eastman Credit Union.
• Kingsport is home to the global headquarters of Eastman Chemical Company, the region’s largest employer, with ±7,000 employees in Northeast Tennessee. Eastman has committed more than $1.85B to its Kingsport campus, including the $1.6B Project Inspire expansion and a $250M molecular recycling facility. This stable, high-wage employment base supports consistent consumer spending across the trade area.
• Tennessee levies no state income tax on wages, increasing after-tax returns. Combined with an absolute NNN lease and investment-grade credit, the asset is a strong fit for 1031 buyers relocating capital from high-tax states such as CA, NY and IL.