Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 30,000-square-foot retail building leased to Best Buy. The single-tenant property is located at 1170 Vann Drive in Jackson, Tennessee. It was sold by a Cleveland, Ohio-based developer who was represented by Mark Lovering of Stan Johnson Company. An institutional investor purchased the asset for $5.4 million.
“Current market headwinds have ushered in a flight to quality real estate, and this offering presented the buyer with an opportunity to acquire a proven asset with strong residual value that was leased to an investment grade tenant,” said Lovering in Stan Johnson Company’s Chicago, Illinois office. “While the market slowdown is expected to continue in the near-term, there’s still strong demand among institutional and private investors for high-quality retail assets in growing, densely populated markets. We expect to see this demand continue through the summer months as more retailers begin to reopen to the public.”
Located just off Interstate 40 between Memphis and Nashville, Tennessee, the property was built in 2002. It sits adjacent to Hobby Lobby and is near other national retailers, including The Home Depot.
