Chattanooga Retail Asset Sells for $20M – What is a Ground Lease?

, Chattanooga Retail Asset Sells for $20M – What is a Ground Lease?, Robert Khodadadian

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Bodin Properties has acquired Cleveland Towne Center, a 148,203-square-foot retail center in the Chattanooga, Tenn., suburb of Cleveland. JLL Capital Markets brokered the $20 million transaction on behalf of the seller, Wicker Park Capital Management.

Wicker Park had purchased the asset in 2016 from ShopCore Properties for $17.3 million, according to CommercialEdge data.

Completed in 2008, Cleveland Towne Center comprises four buildings spread across a 16.8-acre site. The property is anchored by Ross Dress for Less, Old Navy, Ashley Furniture, Electronic Express and Books-A-Million, while Target and Kohl’s are shadow anchors. The multi-tenant center was fully leased at the time of sale.

Located at 4580 Frontage Road, the asset is one of the most visited shopping centers in Tennessee. The property is adjacent to Interstate 75, in an area where the traffic count can reach approximately 53,000 vehicles per day. Cleveland State Community College and Lee University are within a 4-mile radius.

JLL Managing Director Brad Buchanan, Senior Managing Director Jim Hamilton and Associate Andrew Kahn represented the seller.

The post Chattanooga Retail Asset Sells for $20M appeared first on Commercial Property Executive.

 Investment, News, Retail, South, Deutsche Bank, JLL, ShopCore Properties 

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