Beverly Hills-based real estate investment and management firm Valore Ventures has closed on the sale of a former free-standing restaurant with drive thru in Kingsport, Tennessee.
Situated directly off U.S. Route 11W at 101 Charles E Brooks Jr Way, the 3,079-square-foot property is located next to the historic Allandale Mansion, known locally as the White House of Kingsport and the venue for high-profile civic and corporate events.
The property was delivered vacant to the buyer, a regionally-based investor, in a transaction brokered by TCI Group – Jerry Petzoldt Agency.
Kenny De Angelis, principal of Valore Ventures, said, “Kingsport is the type of low-profile destination that offers an established real estate market and highly developed infrastructure that is attractive to investors.
“We acquired this asset with a view to re-tenanting with a Quick Service Restaurant seeking the type of contactless delivery options available via drive thru in a time when the pandemic has dramatically changed how we dine out.”
“However, all of the attributes that drew Valore Ventures to the property were also attractive to other investors and we were able to quickly turn around our investment with a deal that positions the buyer with a redevelopment opportunity for one of its retailers.”