A sizable Brentwood retail building housing Ashley HomeStore as its sole tenant recently sold for $8.65 million to Nashville-based buyer McQuest Properties, LLC., according to documents from the Williamson County Register of Deeds.
Positioned at 8099 Moores Lane as part of the Cool Springs submarket, the single-story retail space spans 43,584 square feet, which is situated on about 4.2 acres. It was sold by Palm Beach Gardens, Fla.,-based real estate investor Noble Properties to the Green Hills buyer McQuest.
Trent Yates, partner of three years at Sagemont Real Estate, represented McQuest Properties in negotiating the deal.
Incorporated in 2016, McQuest holds residential properties in Lebanon — including an estate purchased for $2.4 million that same year — but has navigated no notable transactions since. In contrast, Noble Properties boasts of a 3.5 million square-foot portfolio wrought of medical office, restaurant and other retail space across the country, consistently targeting the likes of Bojangles and Ashley Furniture locales.
Targeting properties with no less than 50,000 people in a three-mile radius in an area with a median income upwards of $50,000, Noble specializes in single-tenant, net leased properties like the southern Brentwood lot it just sold in which Ashley HomeStore’s current, long-term lease is already more than a decade old.
Ashley HomeStore, issued a business license in December 2012, is a subsidiary of Ashley Furniture Industries with more than 2,000 locations worldwide, all selling Ashley Furniture.
The Ashley Furniture brand is commonly licensed to existing furniture stores or to entrepreneurs who build new locations to sell products under that brand in a manner similar to franchising but without the aid of parent marketing. Licensee businesses are branded into the Ashley HomeStore chain.