ATLANTA, GA – Bull Realty has brokered the $4.7-million sale of a nearly two-year-old Food City grocery store (top left photo) in Morristown, Tenn.
Nancy Miller (middle right photo), CCIM, and Sheree Strome Berk (lower left photo), CCIM, both vice presidents of the firm’s Net Lease Investment Group, represented the seller, Foodmor Associates LLC.
Broker Tom Kallenbach represented the buyer, B.B. & J. Holdings.
The 47,600-square-foot, stand-alone store sits on six acres and has energy-saving features, a pharmacy, a deli, video and fuel center. The store is part of a larger development, the Barton Springs shopping center. The buyer assumed a 20-year, non-recourse loan secured by the property.
“This grocery store is an excellent investment,” Miller said. “Food City is a highly regarded regional grocery store chain, and grocery stores have proven time and time again to be stable investments.”
“The long-term prospects for this property are outstanding,” Berk added. “The store has a large base of customers from the surrounding vacation towns and the nearby lake and mountain homes.”
Nancy (nancy@bullrealty.com) and Sheree (sheree@bullrealty.com) are part of the National Net Lease Investment Group and work with single tenant net lease buyers, sellers and developers throughout the U.S.
Contact
Stephen Ursery
Wilbert News Strategies LLC
404-965-5026
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