TennesseeRetail Hanley sells pair of multi-tenant retail buildings in Tennessee and Kentucky May 12, 2020 Share on Facebook Share on Twitter Share on LinkedIn Share via email 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.