Matthews™ facilitated the sale of a 2,640-square-foot Circle K property in Chattanooga, Tennessee, achieving a final price of $1,777,000. Owned by a private client through a trust, the asset was brought to market with limited lease term remaining and the tenant actively trying to assign their lease to a new operator, creating a complex disposition scenario.

 

Challenge

This transaction presented notable headwinds from the outset. Underwhelming store sales, combined with Circle K’s efforts to assign the lease, introduced significant uncertainty around future tenancy. Lack of long-term stability made underwriting difficult for many prospective buyers, which reduced confidence and narrowed the pool of qualified interest. The seller’s goal to divest due to the short lease term added urgency and further complicated positioning in a cautious investment environment.

 

Strategy

The Matthews™ agent shifted the narrative away from operational performance and short-term tenancy concerns, instead emphasizing the intrinsic value of the real estate. By highlighting the property’s location within a strong retail corridor, along with its excellent visibility, access, and surrounding national tenants, the focus was redirected to long-term site fundamentals. Targeted outreach efforts were deployed to connect with investors capable of recognizing the asset’s underlying potential. This approach identified a buyer willing to evaluate the opportunity through a long-term lens, understanding the flexibility to reposition or re-tenant the site with a stronger operator in the future.

 

Result

Matthews™ successfully secured a buyer aligned with the asset’s long-term value proposition, closing the transaction at approximately 98% of the asking price. This outcome exceeded the seller’s expectations, particularly given the initial challenges tied to the assignment situation and lease uncertainty. The execution demonstrated an ability to reposition market perception, attract qualified demand, and deliver a competitive result in a constrained environment, ultimately achieving what the client initially viewed as unlikely.

 

Client Testimonial

We are immensely happy with the brilliant job Chase did in selling our Circle K in Chattanooga. Quite honestly, we don’t believe this deal would have come together without his expertise, dedication, and ability to quickly pivot when unexpected situations arose. We had interviewed other realtors from different firms, and selected Chase due to his insight into the unique nature of our listing, considerable experience in this market, and innate ability to affect positive outcomes in a less-than-favorable changing environment.

 

There were several moving parts throughout the transaction, from coordinating with multiple parties to navigating significant, unforeseen challenges, Chase masterfully took everything in stride, handling each step seamlessly. He remained vigilant, staying proactive, communicating clearly, and ensuring nothing fell through the cracks, which gave us the utmost confidence during the process.

 

Chase was able to masterfully position the asset effectively and drive strong interest, ultimately allowing us to close at a very competitive price. Without reservation, we wholeheartedly recommend Chase to anyone looking to sell a net lease asset and would absolutely work with him again.