Colliers International Completes $1.17 Million Sale of KFC/ Taco Bell Building in Lake City, Tenn.
Lake City, TN – January 31, 2011 – (RealEstateRama) — Colliers International, the second largest global real estate services organization, has completed the sale of a 4,608-square-foot retail building located at 117 Colonia Lane in Lake City, Tenn. to Oak Park, Calif.-based Calvert Family Trust, a private investor. The transaction is valued at $1,175,000.
Built in 1980, the freestanding, retail building was renovated in 2006 and is leased to KFC/Taco Bell. Situated on 0.89 acres of land, the building is located just minutes from downtown Lake City and a half hour from Knoxville, Tenn.
“Our client needed to exchange out of an industrial asset into a more stabilized property that provided a secure return on investment. After selling their previous asset to an industrial owner/user, we located this this property for our client. This stabilized asset offered the security and ease of management they were seeking,” said Jeff Albee, senior vice president in Colliers International’s Encino office, who represented the buyer in the transaction, along with Jeff Gould, senior associate in Colliers International’s Encino office.
The seller, Harbor View LLC, a private investor, was represented by Jay Gomez, James Kaye and Lindsey Lantis of Colliers VGK Investments.
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