JBL Sells Knoxville Retail Asset

Originally Published: Commercial Property Executive

JBL Asset Management has traded a 22,836-square-foot retail property in Knoxville, Tenn. to a private investor for $3.3 million. JBL acquired the Harvest Towne Center in August of 2015 for $7.8 million, according to the Knox County assessor. Rob Whitmire of SRS’ Investment Properties Group represented JBL in the transaction.

Located at 4824-4856 Harvest Mill Way, the two-building strip mall sits on a 1.4-acre parcel just off Highway 71, less than five miles from downtown Knoxville. The buildings are positioned among a variety of other shops and restaurants along the highway. The asset, which was constructed in 1995 and 1996, is home to a mix of tenants, including Pet Supplies Plus, Oreck, The Casual Pint and Regency Finance.

“Finding the right buyer was paramount due to a shared parking and management covenant with the neighboring parcel,” said Whitmire, senior vice president of SRS, in a prepared statement.