NAPA Auto Parts-4819 Clinton Hwy, Knoxville

Property Type: Land Sale & NNN
Sale Date 1/5/2007
Price: $1,320,000
Year Built: 2006

Steve Goldman was involved in the sale of this property twice. First transaction was representing the Buyer group while site finding for a NAPA Auto Parts location. The 0.1.07 acre tract was purchased for $500,000 but Steve was able to offset this cost by negotiating a $75,000 payment from NAPA’s then-current landlord to end its lease early. Steve was a partner in the buyer/developer group.

The buyers then developed the property as a build-to-suit for a corporate-owned NAPA Auto Parts store after which Steve co-listed the now-developed property with a 15-year lease. This sale closed in January 2007 for $1,320,000 (6.56% cap rate).