Investors are eager to snap up Nashville apartments and office buildings, but retail isn't completely out of the picture, despite that property type's overall troubles. Especially if it's got name recognition and a solid location.
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Thompson National Properties (advising on behalf of the ownership group PKD GP) recently snapped up a Nashville CarMax, while at the same time another investor bought a Memphis CarMax. JLL managing director in the Atlanta office Kris Cooper (snapped with JLL's Margaret Caldwell) noted that CarMax has a strong national brand and credit. “Those factors, combined with the fact that Nashville and Memphis are some of the most solid markets in the Southeast, helped the sale move quickly.”
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CarMax Nashville and CarMax Memphis both feature an absolute net lease structure. CarMax Nashville is in the Oaks Mall area and at the intersection of I-65 and I-440, a highly visible spot, while CarMax Memphis is the only CarMax store in that market. JLL brokered both deals.
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