$10.1M Ground Lease for Lowe's Listed by Marcus & Millichap

KNOXVILLE, TN – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 160,000-square foot Lowe’s ground lease in Knoxville. The listing price of $10.1 million represents $63 per square foot.

Alvin Mansour, (top right photo)  a senior vice president investments and a senior director of the firm’s National Retail Group in San Diego, is representing the seller. Anne Williams, an investment specialist in the firm’s Memphis office, is also providing representation.

“Lowe’s has signed a 20-year triple-net ground lease with rent increases between each of the six five-year options,” says Mansour. “The property is positioned immediately east of a Wal-Mart Supercenter and a Home Depot. Other retailers close by include Food City, Goody’s, Walgreens, Sprint, IHOP and H&R Block,” adds Mansour.

The property is located at 7520 Mountain Grove Drive at the intersection of Highway 441 and Highway 168, with excellent exposure along these two dominant traffic corridors.

Lowe’s is publicly traded on the NYSE under the ticker symbol LOW. The company currently has Standard & Poor’s credit rating of A.

Knoxville is one of the nation’s fastest-growing MSAs.

Charles G. Shillington  Promoted to First Vice President Investments in Ontario, CA

ONTARIO, Calif.., June 30, 2010 — The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Charles G. Shillington (bottom right photo)  to the position of first vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Douglas J. McCauley, regional manager of the firm’s Ontario office.

Shillington joined Marcus & Millichap in February 1990. He was promoted to associate in December 1996 and senior associate in June 1998.

He became a senior investment associate in July 2002 and earned vice president investments status in January 2008. He specializes in the sale of retail assets and currently serves as a director of the firm’s National Retail Group. Shillington has received numerous sales achievement awards from Marcus & Millichap, including four National Achievement Awards.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716