10/11/2007

CBRE Nashville orchestrates $19.5 million sale of Tenn. shopping center

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River Place Shopping Center

Tennessee River Edge LLC sold the River Place Shopping Center in Sevierville, Tenn., for $19.5 million to SCI Real Estate Investments.

Paul Gaither and James Morris of CB Richard Ellis represented the seller while Nancy Kresek was the in-house representative for SCI.

Sevierville is roughly 30 miles east of Knoxville.

The shopping center contains 154,735 square feet and is 98 percent occupied. It was built in 1983, renovated in 2004 and sold for $123.50 per square foot.

The property is anchored by Belk and TJ Maxx and contains an Outback Steakhouse and a Blockbuster.

Gaither has been with CBRE since 1997 and is a first vice president with the company. Prior to joining the company, he worked for Charles King Architects in Chattanooga, Tenn., as a design and project manager.

Morris, a former employee of Trammell Crow, is also a first vice president at CBRE Nashville. He specializes in retail investments.

Address: 611Parkway, Sevierville, Tenn.

Size: 154,735 square feet

Built: 1983

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Filed Under: Retail

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