Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of an 18,900-square-foot shopping center located at 1020 North Main Street in Shelbyville, Tennessee. Shelbyville Square was fully leased at the time of sale to eight tenants including Petsense and Pizza Hut. Stan Johnson Company’s Doug Clyburn and Julie Clyburn represented the 1031 exchange buyer, a private investor from Dacula, Georgia. The seller was Sofran Partners, an Atlanta, Georgia-based developer. The asset traded for approximately $4.6 million reflecting a 7.99 percent cap rate.
“We sourced this Kroger shadow-anchored center for our client who needed to complete a 1031 exchange,” said Doug Clyburn, Associate Director in Stan Johnson Company’s Alpharetta, Georgia office. “This was their first out-of-state purchase, but our team was able to provide guidance throughout the process and complete a successful closing. The property is located just outside Nashville in a growing market, and it features a strong line-up of service-oriented tenants.”
The shopping center was built in 2018 and is situated on 2.8 acres along a dense retail corridor. Neighboring tenants include Kroger, Walmart, Lowe’s and Walgreens, among many more national retailers.