Maddox Companies Brokers $3.5M Sale Of Former Kroger

(Knoxville, TN) – Maddox Property Management & Sales, Inc brokered the $3.5 million sale of 9305 Kingston Pike, a 66,511 square-foot former Kroger grocery store in Knoxville, Tenn. Veloce Speedway will open in the building in early 2016. Veloce is a growing chain of European-style indoor go kart centers. Steve Maddox and Brandon Clark represented the Seller, Palo Plesnik of Pacific Palisades, Calif. in the transaction.

The former Kroger sits on a 5-acre parcel and anchors Market Place Shopping Center. Market Place has multiple fully-signalized access points and excellent visibility to Kingston Pike. The site is located within 1/4 mile of the Cedar Bluff Road exit of Interstate 40/75, which carries 170,466 vehicles daily. Other major tenants in Market Place include Home Depot, Gabe’s, Planet Fitness, and Tandy Leather.

Funding was provided by Spirit Realty Capital. Spirit was represented by Randy Ayers of Crye Leike Commercial. American Development Partners will oversee redevelopment of the facility. Maddox Property Management & Sales, Inc. is an affiliate of Maddox Companies, a leading provider of commercial real estate development, brokerage, leasing, management and construction services.