Valore Ventures Sells 3K-SF Retail Property in Tennessee

Beverly Hills-based real estate investment and management firm Valore Ventures has closed on the sale of a 3,079-square-foot former free-standing restaurant with drive thru in Kingsport, TN. The sales price was not disclosed.

Located at 101 Charles E Brooks Jr. Way, the property is located next to the historic Allandale Mansion, known locally as the White House of Kingsport and a venue for high profile civic and corporate events. The property was formerly a Wendy’s restaurant.

“We acquired this vacant asset with a view to re-tenanting with a Quick Service Restaurant seeking the type of contactless delivery options available via drive thru in a time when the pandemic has dramatically changed how we dine out,” said Kenny De Angelis, principal at Valore Ventures. “However, all of the attributes that drew Valore Ventures to the property were also attractive to other investors and we were able to quickly turn around our investment with a deal that positions the regionally-based buyer with a redevelopment opportunity for one of its retailers.”

The buyer was not disclosed.

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