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.