MEMPHIS, TN—In a deal that demonstrates investor appetite for quality assets in tertiary markets, a 40,488-square foot retail center in Bolivar, TN, has traded hands. The sale price was $2.165 million, or $327.13 per foot. The property is 100% occupied by Tractor Supply Company, Dollar Tree, and a Tennessee district attorney office.

The buyer is an investor out of Clayton, Mo. and the seller is a developer from Birmingham, Mich. Bryan Belk and Mac McCall of Franklin Street Real Estate Services represented the seller in the transaction

“This was one of the first stabilized tertiary market deals to trade since the downfall below a 10% CAP,” Belk tells GlobeSt.com. “Pricing is improving for tertiary market deals because of the influx of capital to core markets. This is creating such competition that investors are starting to invest again in smaller markets, like Bolivar, if the properties have credit-worthy tenants.”