NAI Kurtz Represents the Buyer of Four Walmart Stores in Tennessee
TENNESSEE – August 21, 2017 – NAI Kurtz, a member of the world’s premier managed network of commercial real estate firms, announced today that Frank Castoro, Senior Associate, represented the Mini-Ent organization in the $49.5 million dollar purchase of four Walmart stores located in Chattanooga, East Ridge, Murfreesboro and Knoxville, Tennessee. The four building portfolio is comprised of 175,964 SF on 27.25 acres of land.
These sites were build-to-suit “proto-type” stores for Walmart, each being a single-tenant user of approximately 44,000 SF on a 7-acre site with a fuel station. The sites were leased NNN with a 15 year term plus 18 five-year options with rent increases during the initial term and options.
Mr. Castoro specializes in net-leased investments having credit-rated tenants. He was enthused to state: “Walmart’s plans for these sites to serve as a staging site for its e-commerce trade is very exciting. That, combined with its high credit-rating, can feed the appetite of any lender leading to favourable loan terms and a solid investment.”