JBL Sells Knoxville Retail Asset

The property, which encompasses more than 20,000 square feet, is situated within five miles of the city’s central business district.
Harvest Towne Center in Knoxville, Tenn.
Harvest Towne Center in Knoxville, Tenn.

JBL Asset Management has traded a 22,836-square-foot retail property in Knoxville, Tenn. to a private investor for $3.3 million. JBL acquired the Harvest Towne Center in August of 2015 for $7.8 million, according to the Knox County assessor. Rob Whitmire of SRS’ Investment Properties Group represented JBL in the transaction.

Located at 4824-4856 Harvest Mill Way, the two-building strip mall sits on a 1.4-acre parcel just off Highway 71, less than five miles from downtown Knoxville. The buildings are positioned among a variety of other shops and restaurants along the highway. The asset, which was constructed in 1995 and 1996, is home to a mix of tenants, including Pet Supplies Plus, Oreck, The Casual Pint and Regency Finance.

“Finding the right buyer was paramount due to a shared parking and management covenant with the neighboring parcel,” said Whitmire, senior vice president of SRS, in a prepared statement.

Image via Google Street View