Press Releases
Marcus & Millichap Brokers $10.5 Million Sale of Fully Occupied Office Building in Knoxville
July 10, 2025
KNOXVILLE, Tenn., July 10, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Cedar Ridge Office Building, a 92,645-square-foot, fully occupied office building in Knoxville, Tennessee, for $10.5 million.
“This transaction is a testament to the resilience we’re seeing across many Southeastern office markets—particularly in suburban submarkets like Knoxville, where fundamentals remain exceptionally strong,” said Ani Paulson, Senior Director of Investments. “While national sentiment around office space remains cautious, Knoxville continues to defy the narrative. Submarkets such as West Knoxville are reporting sub-4% vacancy rates for comparable assets—well below the national average. This reflects a broader trend across the Southeast, where well-located suburban assets are benefiting from sustained tenant demand, limited new supply, and renewed investor confidence. Leasing velocity remains healthy, and as this transaction demonstrates, capital is returning to quality opportunities in resilient markets.”
Paulson exclusively marketed the property on behalf of the seller and procured the buyer, in association with Jody McKibben, Marcus & Millichap’s broker of record in Tennessee.
“We had six qualified groups compete, ultimately selecting a Nashville-based buyer we had a relationship with, someone we knew would perform. This transaction reflects the strength of the asset, the market and our national and regional network,” added Paulson.
Built in 1982 and situated on 4.91 acres at 408 N. Cedar Bluff Road, the five-story building includes 26 tenants representing a range of industries, including tech, legal and logistics. The property recently underwent more than $650,000 in capital improvements, including roof, interior and exterior upgrades. It is located just off Interstate 40, less than one mile from Parkwest Medical Center and near downtown Knoxville.
“This transaction is a testament to the resilience we’re seeing across many Southeastern office markets—particularly in suburban submarkets like Knoxville, where fundamentals remain exceptionally strong,” said Ani Paulson, Senior Director of Investments. “While national sentiment around office space remains cautious, Knoxville continues to defy the narrative. Submarkets such as West Knoxville are reporting sub-4% vacancy rates for comparable assets—well below the national average. This reflects a broader trend across the Southeast, where well-located suburban assets are benefiting from sustained tenant demand, limited new supply, and renewed investor confidence. Leasing velocity remains healthy, and as this transaction demonstrates, capital is returning to quality opportunities in resilient markets.”
Paulson exclusively marketed the property on behalf of the seller and procured the buyer, in association with Jody McKibben, Marcus & Millichap’s broker of record in Tennessee.
“We had six qualified groups compete, ultimately selecting a Nashville-based buyer we had a relationship with, someone we knew would perform. This transaction reflects the strength of the asset, the market and our national and regional network,” added Paulson.
Built in 1982 and situated on 4.91 acres at 408 N. Cedar Bluff Road, the five-story building includes 26 tenants representing a range of industries, including tech, legal and logistics. The property recently underwent more than $650,000 in capital improvements, including roof, interior and exterior upgrades. It is located just off Interstate 40, less than one mile from Parkwest Medical Center and near downtown Knoxville.
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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.
