TN Walmart Portfolio Changes Hands in $50M Deal
- Aug 24, 2017
NAI Rauch Weaver Norfleet Kurtz & Co. represented the Mini-Ent organization in the acquisition of four Walmart stores located in Chattanooga, East Ridge, Murfreesboro and Knoxville, Tenn. The 175,964-square-foot portfolio situated on approximately 27.3 acres of land traded for $49.5 million.
Senior Associate Frank Castoro, who specializes in net-leased investments having credit-related tenants, represented the buyer in this transaction.
E-Commerce Trade Sites
The sites included in the portfolio were build-to-suit “proto-type” stores for Walmart, each of the assets offering approximately 44,000 square feet of space located on 7-acre sites with fuel stations. The properties were triple-net leased with a 15-year term plus 18 five-year options with rent increases during the initial term and options.
“Walmart’s plans for these sites to serve as a staging site for its e-commerce trade is very exciting. That, combined with its high credit rating, can feed the appetite of any lender leading to favorable loan terms and a solid investment,” said Castoro, in a prepared statement.
Florida-based NAI Rauch Weaver Norfleet Kurtz & Co., a subsidiary of NAI Global, is a full-service commercial real estate brokerage and property management firm with 50 years of experience in the field.
Image courtesy of NAI Rauch Weaver Norfleet Kurtz & Co.