Stan Johnson Company Brokers Sale of Hardin Station Retail Center in Knoxville, Tennessee for $9.25 Million
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of two multi-tenant retail buildings and one medical office building situated on a single parcel in Knoxville, Tennessee. Located at 10627-10689 Hardin Valley Road, the size of the three-building asset totaled 28,176 square feet and was 94 percent leased at the time of sale. Milo Spector, Chris Lomuto and Matt Lipson of Stan Johnson Company represented the seller who was a local developer. The mixed-use center was purchased by a California-based high net worth investor for $9.25 million.
“We are proud to have received multiple offers on both a national and local level, and we were able to achieve 98 percent of our asking price for this property,” said Spector, Associate Director in Stan Johnson Company’s Walnut Creek, California office. “In addition, we had a tenant leave without warning halfway through the deal but were still able to close the transaction without a substantial discount.”
The retail center houses 13 tenants across three buildings that were constructed between 2014-2017. All tenants, including The UPS Store and Dunkin’ Donuts, are on triple net leases. The property sits on 5.2 acres within Pellissippi Corporate Center, one of East Tennessee’s premier business parks, and is less than 15 minutes from the Oak Ridge National Laboratory and downtown Knoxville.
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.