Press Releases
Marcus & Millichap Brokers Sale of Retail Strip Center in Greater Knoxville Area
January 31, 2025
NEWPORT, Tenn. Jan. 30, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Five Rivers Plaza, a 40,085-square-foot anchored retail center in Newport, Tennessee, for $1,965,000.
Marcus & Millichap’s Zach Taylor and Eric Abbott represented the seller in the transaction, a local private investor. Jody McKibben is the firm’s broker of record in Tennessee.
Located at 140 5 Rivers Plaza Way, the fully occupied retail center is anchored by a recently built Family Dollar Tree combo store, which occupies 55% of the gross leasable area and has four years remaining on its initial five-year lease, with five additional five-year renewal options. The property sits in a retail-dense corridor with visibility from U.S. Route 25, near major national retailers. Other tenants at the property include Little Caesars, Cricket Wireless, and Vape & Tobacco Shop.
Marcus & Millichap’s Zach Taylor and Eric Abbott represented the seller in the transaction, a local private investor. Jody McKibben is the firm’s broker of record in Tennessee.
Located at 140 5 Rivers Plaza Way, the fully occupied retail center is anchored by a recently built Family Dollar Tree combo store, which occupies 55% of the gross leasable area and has four years remaining on its initial five-year lease, with five additional five-year renewal options. The property sits in a retail-dense corridor with visibility from U.S. Route 25, near major national retailers. Other tenants at the property include Little Caesars, Cricket Wireless, and Vape & Tobacco Shop.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
