NEWPORT, TENN. — Marcus & Millichap has brokered the sale of Five Rivers Plaza, a 40,085-square-foot retail center located on 8.3 acres at 140 Five Rivers Plaza Way in Newport, a suburb of Knoxville. Zach Taylor and Eric Abbott of Marcus & Millichap’s Atlanta office represented the seller, a local developer, in the transaction. The duo also sourced the buyer, a private 1031 investor based in Nashville. Both parties requested anonymity. Additionally, Jody McKibben, Marcus & Millichap’s broker of record in Tennessee, assisted in closing the transaction.
“We received a tremendous amount of interest in this property,” says Taylor. “The unanchored service retail sector remains the gold standard. We closed all-cash with a private buyer.”
Built in 1983 and renovated in 2023, Five Rivers Plaza was 77 percent leased at the time of sale to 11 tenants, including newly established Family Dollar and Dollar Tree stores.