Hanley sells pair of multi-tenant retail buildings in Tennessee and Kentucky

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RE Journals

Hanley Investment Group Real Estate Advisors has completed the sale of two multi-tenant retail pad buildings located in Kentucky and Tennessee in separate transactions for a combined value of about $7 million.

Hanley Investment Group Executive Vice Presidents Jeff Lefko and Bill Asher arranged the sale of a two-tenant retail building leased to Aspen Dental and Visionworks at 2960 & 2964 Miller Place Way in Knoxville, Tennessee.

Built in 2015, the two-tenant, 7,500-square-foot retail pad building is located on 1.15 acres and features a 3,500-square-foot Aspen Dental-branded practice and a 4,000-square-foot Visionworks relocation store. The property sits at the entrance to a high-performing Walmart Supercenter at a busy signalized intersection. McDonald’s, Burger King and Sam’s Club are also located at this intersection.

Other retailers in the retail trade area include Lowe’s, Kohl’s, Home Depot, Target, Bed Bath & Beyond, Marshalls and Ross Dress for Less. Lefko and Asher represented the seller, a private investor based in New York. The sale price for the two-tenant net-leased investment was $4.325 million.

In southeastern Kentucky, Hanley Investment Group’s Dylan Mallory arranged the sale of a three-tenant, 6,847-square-foot, retail pad building leased to Visionworks, Kay Jewelers and GNC at 2007 South Highway 27 in Somerset, Kentucky.

The retail building, which was built in 2015, is located on a 0.76-acre outparcel to Walmart Supercenter and Lowe’s near popular Lake Cumberland, one of the largest man-made lakes in the world and known as “The Houseboat Capital of the World.” Mallory represented the seller, Thompson Thrift Retail Group, a nationally recognized full-service real estate development company based in Indianapolis, Indiana. The sale price for the three-tenant, triple net-leased investment was $2.625 million.

Both of the properties were purchased all-cash by a private investor based in Kentucky. The buyer was motivated to purchase the properties because of the long-term strength of the locations and the national tenants.