Nashville, TN – Global real estate advisory firm, Avison Young, is pleased to announce the $7.8 million sale of a newly developed Trader Joe’s property located at 2305 Medical Center Parkway in Murfreesboro, TN. Situated on 2.33 acres, the 13,050-square-foot building opened its doors earlier this year. 

Avison Young Vice President, Capital Markets Jordan Powell; Managing Director and Principal Lisa Maki; and Principal, Capital Markets Mike Jacobs, represented the seller, Murfreesboro-based TDK. While there were multiple offers on the property, Trader Joe’s opted to acquire the asset utilizing its Right of First Refusal. The transaction closed at a favorable cap rate of 4.85% in a market environment where transactions below 5.5% are rare for single-tenant net leased assets.

“This transaction speaks to the strength of national brands like Trader Joe’s and the demand that still exists for quality assets as well as the continued investor appeal for product in the communities that surround Nashville,” said Powell, the lead broker on the transaction. “This store provided a much-needed grocery tenant on Medical Center Parkway and since opening, it has been overwhelmingly welcomed by the community as proven by significant customer traffic.”

He noted that this is the last of several transactions that the Avison Young team has been a part of with this Trader Joe’s site. The team originally sold the land to TDK, represented them on the lease with Trader Joe’s and finally assisted them as their exclusive seller representation on the sale of the completed project. Additionally, Trader Joe’s is an outparcel to TDK’s adjacent planned development project which will include 250 multifamily units 30,000 sf of office.

Trader Joe’s is a national chain of neighborhood grocery stores with over 600 across the United States. Through its rewarding products and knowledgeable, friendly crew members, it has been transforming grocery shopping into a welcoming journey full of discovery and fun since 1967.