Global real estate advisory firm Avison Young brokered the $7.8 million sale of a newly developed Trader Joe’s property at 2305 Medical Center Parkway in Murfreesboro, Tennessee.
Situated on 2.33 acres, the 13,050-square-foot building opened its doors earlier this year.
Avison Young Vice President, Capital Markets Jordan Powell; Managing Director and Principal Lisa Maki; and Principal, Capital Markets Mike Jacobs, represented the seller, Murfreesboro-based TDK. While there were multiple offers on the property, Trader Joe’s opted to acquire the asset utilizing its Right of First Refusal. The transaction closed at a favorable cap rate of 4.85% in a market environment where transactions below 5.5% are rare for single-tenant net leased assets.
This is the last of several transactions that the Avison Young team has been a part of with this Trader Joe’s site. The team originally sold the land to TDK, represented them on the lease with Trader Joe’s and finally assisted them as their exclusive seller representation on the sale of the completed project. Additionally, Trader Joe’s is an outparcel to TDK’s adjacent planned development project which will include 250 multifamily units 30,000 sf of office.
