McMinnville hires broker to market city-owned commercial property at 109 Magnus Drive
January 28, 2026 | McMinnville, Warren County, Tennessee
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The McMinnville Board of Mayor and Aldermen approved Resolution 2026-07, authorizing an exclusive listing agreement with Shopping Center Group LLC to market city-owned commercial property at 109 Magnus Drive (Pacesetters).
Staff said the city conducted a request for proposals, reached out to brokers and after negotiations recommended Shopping Center Group LLC because of the firm’s experience with retail investment marketing. Staff described the commission structure in the broker exhibit: "4% of the sales price is charged by TSCG to the city if they go out and find a buyer and there's no agent for the buyer of the property. If there is an agent for the buyer... we pay 7% total," staff said, adding typical scenarios would likely see an effective rate near 6.5% but that no fees are due until closing.
Board members moved and approved the resolution by roll-call vote.
What happens next: The broker will market 109 Magnus Drive per the listing agreement; staff said additional terms such as ground leasing and expansion provisions remain part of the contract packet and would only apply if relevant to a transaction.
Staff said the city conducted a request for proposals, reached out to brokers and after negotiations recommended Shopping Center Group LLC because of the firm’s experience with retail investment marketing. Staff described the commission structure in the broker exhibit: "4% of the sales price is charged by TSCG to the city if they go out and find a buyer and there's no agent for the buyer of the property. If there is an agent for the buyer... we pay 7% total," staff said, adding typical scenarios would likely see an effective rate near 6.5% but that no fees are due until closing.
Board members moved and approved the resolution by roll-call vote.
What happens next: The broker will market 109 Magnus Drive per the listing agreement; staff said additional terms such as ground leasing and expansion provisions remain part of the contract packet and would only apply if relevant to a transaction.
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