Stan Johnson Company Brokers Sale of CVS Caremark Call Center in Knoxville, Tennessee for $9.9 Million
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 59,748-square-foot single-tenant call center leased to CVS Pharmacy. The property is located at 2401 Cherahala Boulevard in Knoxville, Tennessee. Jonathan Ameen and Jeff Hughes of Stan Johnson Company, in association with John M. Adams III of Avison Young, represented the seller, Lexington Realty Trust, a New York-based institutional investor. The asset was purchased for $9.9 million by Concord Capital LLC, a group of private investors based in Jackson, Mississippi.
“In today’s environment, private investors are especially seeking reliable tenants and strong real estate fundamentals,” said Ameen, Associate Director in Stan Johnson Company’s Tulsa, Oklahoma office. “This offering presented the buyer with an opportunity to acquire an asset with a best-in-class tenant and established operating history in a growing submarket of Knoxville. Additionally, the sale allowed Lexington Realty Trust to execute on their strategy of creating a predominantly industrial-focused net lease portfolio. Considering the headwinds facing this industry at the time of sale, completing a successful transaction is something each party can be proud of.”
The mission-critical facility is CVS Caremark’s second largest call center location in the U.S., and the tenant has occupied the property since it was built in 2002. It is located on 9.6 acres in one of East Tennessee’s premier business parks, the Pellissippi Corporate Center, and area tenants include ADT Security, FedEx, and Oak Ridge National Laboratory, among others. At the time of sale, there were approximately seven years left on the double net lease.
About Stan Johnson Company:
Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses on investment sales transactions involving retail, office, industrial, healthcare, and specialty properties. The firm provides acquisition, disposition, sale leaseback, capital markets, and advisory services for institutions, developers, investment funds, corporate occupiers, and private investors across the United States. With a historic focus in the single-tenant net lease sector, Stan Johnson Company is now in its fourth decade of operation and has expanded its service platform in order to better serve its valued clients. The firm has completed more than $35 billion in transactions nationwide and continues to be regarded as the Net Lease Authority® as it focuses on continued growth and expansion into other industry sectors and services. To learn more about Stan Johnson Company, please visit: www.stanjohnsonco.com.