Marcus & Millichap Inc.
Marcus & Millichap Inc.
14/08/2024 | Press release | Distributed by Public on 15/08/2024 22:10
Marcus & Millichap Brokers Sale of 40,000 Square Foot Unanchored Retail Shopping Center Outside of Knoxville
Press Releases
Marcus & Millichap Brokers Sale of 40,000-Square-Foot Unanchored Retail Shopping Center Outside of Knoxville
August 14, 2024
LinkedIn Email App
NEWPORT, Tenn., August 14, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Five Rivers Plaza, a 40,085-square-foot retail center in Newport, Tennessee.
"We received a tremendous amount of interest in this property," said Zach Taylor, senior managing director investments. "The unanchored service retail sector remains the gold standard. We closed all-cash with a private buyer."
Taylor and Eric Abbott, investment specialists in Marcus & Millichap's Atlanta office, represented the seller, a local developer. They also sourced the buyer, a private 1031 investor based in Nashville. Jody McKibben, broker of record in Tennessee, assisted in closing the transaction.
Located at 140 Five Rivers Plaza Way, the retail center features 11 tenants and is anchored by a newly established Family Dollar and Dollar Tree. The center, originally built in 1983 and recently renovated in 2023, spans 8.33 acres and is currently 77% occupied.
"We received a tremendous amount of interest in this property," said Zach Taylor, senior managing director investments. "The unanchored service retail sector remains the gold standard. We closed all-cash with a private buyer."
Taylor and Eric Abbott, investment specialists in Marcus & Millichap's Atlanta office, represented the seller, a local developer. They also sourced the buyer, a private 1031 investor based in Nashville. Jody McKibben, broker of record in Tennessee, assisted in closing the transaction.
Located at 140 Five Rivers Plaza Way, the retail center features 11 tenants and is anchored by a newly established Family Dollar and Dollar Tree. The center, originally built in 1983 and recently renovated in 2023, spans 8.33 acres and is currently 77% occupied.
# # #
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.