Press Releases
Marcus & Millichap Facilitates $2.1M Sale of Prime Retail Site for Redevelopment in Tennessee
February 04, 2025
ELIZABETHTON, Tenn., Feb. 4, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the $2.1 million sale of a prime retail property at 980 Over Mountain Drive in Elizabethton, Tennessee. The 1.4-acre site, located in front of a Walmart Super Center, is a high-traffic location with great visibility, that was acquired for redevelopment.
“This property presented a unique opportunity for the buyer to secure a high-visibility site in a dynamic retail corridor,” said Peter Malone, senior associate. “The successful sale underscores the strong demand for well-located redevelopment opportunities in the region.”
Malone, investment specialist in Marcus & Millichap’s Knoxville office, had the exclusive listing to market the property on behalf of the seller.
The property features 1.4 acres of land with a 6,746-square-foot structure previously used as a restaurant. Positioned on a major thoroughfare, the site benefits from over 24,000 daily vehicle impressions. The buyer secured planning board approval to redevelop the property into a car wash, leveraging its strategic location.
“This property presented a unique opportunity for the buyer to secure a high-visibility site in a dynamic retail corridor,” said Peter Malone, senior associate. “The successful sale underscores the strong demand for well-located redevelopment opportunities in the region.”
Malone, investment specialist in Marcus & Millichap’s Knoxville office, had the exclusive listing to market the property on behalf of the seller.
The property features 1.4 acres of land with a 6,746-square-foot structure previously used as a restaurant. Positioned on a major thoroughfare, the site benefits from over 24,000 daily vehicle impressions. The buyer secured planning board approval to redevelop the property into a car wash, leveraging its strategic location.
# # #
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.
