One Liberty Properties Sells Knoxville Asset for $18M
- Jul 07, 2020
One Liberty Properties has sold a 35,300-square-foot building in Knoxville, Tenn., for $18 million. The proceeds were used to repay an $8.5 million mortgage on the property, to pay down $8.7 million of debt on a credit facility and to cover the expenses associated with the deal. CarMax Auto Superstores occupies the entire building.
Located at 11225 Parkside Drive on 10 acres, the 2002-built asset is just off Interstate 40. The property is part of a dense retail corridor, which includes The Pavilion of Turkey Creek and The Pinnacle at Turkey Creek, two commercial centers which are within walking distance of the CarMax. Downtown Knoxville is roughly 16 miles away.
According to public records, One Liberty acquired the property from GE Capital in 2004, for $11.4 million. Over the past six months, the asset generated $573,000 of rental income for the former owner.
In 2018, One Liberty acquired a 291,203-square-foot facility in Pennsburg, Pa., in a deal brokered by CBRE. The asset is net leased through 2028.