Elizabethton's former Walmart building sold

John Thompson • Updated Oct 11, 2016 at 9:22 PM

ELIZABETHTON — The old Walmart building off West Elk Avenue, also known as the old Magic Mart building, has been sold for $1,175,000 to a limited liability corporation with a Nashville address.

The new owner, Bemberg Center Partners, LLC, has a listed address of 2926 Foster Creighton Drive, Nashville.

Jon Hartman, director of planning and economic development for Elizabethton, said he first became aware there was an interest in purchasing the building when he was in Nashville for an International Council of Shopping Centers idea exchange.

In a memorandum to Elizabethton City Manager Jerome Kitchens and Carter County Tomorrow Chairman Richard Tester, Hartman said, “I met with some brokers who had a client interested interested in purchasing the Magic Mart Building.”

Since the meeting with Hartman, the building was sold to Bemberg Center Partners by former owner IQ14-Elizabethton Kenosa LLC on July 13. After the purchase, Hartman said he has had many discussions on making improvements to the building and potential retailers who might locate in the building after renovation.

While retailers often see Elizabethton as part of Johnson City’s sphere of influence, Hartman said Monday that Elizabethton has its own area of retail influence, which he said includes Carter County, Johnson County and portions of Western North Carolina.

While this footprint will help in attracting the attention of a few potential investors, Hartman said some commercial incentives would likely be in order to get the retailers to make an investment and improvements to the site and surrounding area.

The purchased property includes 10.41 acres of land. The building contains 100,348 square feet and was built in 1988. The parking lot was last paved in 2001.

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