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Lenoir City, TN | Retail | Closed on RealINSIGHT Marketplace

  • Jul 09, 2020
  • Marketplace Closings

Pre-COVID pricing, grocery-anchored community center closes on RealINSIGHT Marketplace.

RealINSIGHT Marketplace and Colliers International are pleased to announce the closing of Tellico Plaza in Lenoir City, TN. In spite of the current economic conditions, the 121,000 SF, grocery-anchored community center closed at 100% of its reserve.

Tellico Plaza is anchored by a Dollar General Marketplace grocery store, Tractor Supply Co, Goodwill, and Auto Zone. At the time of sale, the asset was ~90% leased.

Offered below replacement cost, Colliers International and RealINSIGHT Marketplace worked together to market the property with a focus on targeting the most likely buyers through digital, print, and direct outreach. The aggressive approach resulted in interest from 17 states and 56 signed confidentiality agreements.  

On auction day, eight fully approved bidders competed, pushing the sale price up to meet the pre-COVID reserve, delighting the Special Servicer seller. The out-of-state buyer went under contract with a non-refundable deposit within 24 hours and closed in 60 days.  

To learn more about this deal, please visit the Tellico Plaza asset page or contact us at info@rimarketplace.com.