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SRS Real Estate Partners has completed the $2.4-million ground-lease (land ownership) sale of a single-tenant restaurant property occupied by Texas Roadhouse in the Knoxville submarket of Alcoa, TN. The 8,354-square-foot, newly constructed property is situated on 2.39 acres along Franck Street and scheduled to open in September 2022.

Morgan Creech and Sarah Shanks of SRS represented the seller, Louisville, KY-based Texas Roadhouse, Inc. The buyer was a private investor from VA who was represented by Feldman Ruel Urban Property Advisors. The property closed at a cap rate of 4.71%.

“This transaction was a pre-sale situation and generated a significant amount of investor interest and offers,” said Creech. “The buyer was attracted to a number of benefits including brand new construction with a successful national restaurant tenant, a 15-year ground lease, and zero landlord responsibilities.”

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.