Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a Whole Foods Market grocery store in Germantown, Tennessee. The 36,570-square-foot retail building is located at 7811 Poplar Avenue. Stan Johnson Company’s Pat Weibel represented the seller, a private equity group from Memphis, Tennessee. The asset was purchased by an undisclosed private buyer for $18.5 million at a 4.57 percent cap rate.
“The Whole Foods in Germantown benefited from a best-in-class operator and credit profile, while the location provided for the ideal demographic of a Whole Foods customer base,” said Weibel, Director in Stan Johnson Company’s Los Angeles, California office. “This asset was highly sought after, and we received multiple bids. Ultimately, a well-capitalized family office won the bidding, and the transaction was completed in near-record time, with a 90-day start to finish that even included a loan assumption.”
The single-tenant freestanding retail building was built in 2015 on 5.18 acres facing U.S. Route 72, which is a major thoroughfare in the area. It is neighbored by other prominent retailers including Kroger, Hobby Lobby, T.J. Maxx, and Starbucks, and is located in an eastern suburb of Memphis, Tennessee.