Property Picture

Price: $3,065,000
Property Type: Retail
Status: Available
Address: 5307 Highway 153
                  Hixson, TN  37343
CAP Rate: 6.41%
Square Feet: 7,000
Tenancy Type: National
Lease Type: NNN

Short Description:
The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in Meadows, a 7,000 S.F. retail center optimally located in Hixson (Chattanooga), Tennessee. The property is being offered for $3,065,000, representing a 6.41% CAP Rate. The new (2016) trophy center is home to Visionworks, the leading provider of eyecare and Sleep Outfitters who will be opening for business in the coming months on a brand-new 10-year lease. The property boasts full occupancy with both tenants on Triple Net (NNN) Leases with mid-term rental increases. These tenants are desirable, strong and highly successful with multiple locations throughout the country. The center was leased very rapidly since its completion and tenants find the center to provide them with an ideal location for commercial activity in the heart of the retail corridor in one of the fastest growing suburbs of Chattanooga.

Meadows is positioned in an economically strong community with average household incomes of over $71,500 within a 3-mile radius. The center is centrally located in the retail corridor along Highway 153 with highly visible pylon signage and directly across from Northgate Mall, one of Chattanooga's oldest continuously-operating malls, which boasts 80 stores and over 790,000 S.F. anchored by Belk, Old Navy, Burlington and Carmike Cinemas. The center is also positioned in the direct vicinity of a Walmart Supercenter and Target anchored center that includes a Best Buy with a Ruby Tuesdays, Olive Garden and Longhorn Steakhouse. The center services a number of office buildings, high demographic residential area and schools, creating a high-traffic area where the retail sector flourishes. The location can give any investor peace of mind knowing that the center sits in the “heart of it all.” The subject property is conveniently located on Highway 153 (TN 153), which runs to I-75 and connects to the I-75/I-24 interchange, which then also connects with US 27. The route serves as a bypass around Downtown Chattanooga for I-75 travelers heading towards US 27 north. It is also an important route for drivers from Soddy-Daisy, Hixson, and other parts of northwestern Hamilton County trying to reach I-75 and the eastern half of the county and the Chickamauga Dam. Traffic counts along TN 153 between the featured property and the Walmart Supercenter are in upwards of 49,000 vehicles per day. The center is positioned in the main shopping hub that accommodates the residential community, along with students at the University of Tennessee at Chattanooga (10,000+ students - approx. 8 miles), Chattanooga State Community College (11,000+ students—approx. 4 miles), and the employees of the DuPont Science Facility (2,000 employees - approx. 2 miles south) and the Volkswagen Manufacturing/Assembly Plant (approx. 9 miles from the featured property). Volkswagen recently opened their $1 billion dollar facility and is the North American Headquarters for the company. Additionally, Amazon recently opened a distribution center bringing even more employees to the area. Chattanooga is ranked 8th out of America's 100 largest metro areas for the best "Bang for Your Buck" city, according to Forbes Magazine and receives this designation due to the large companies/employers that are located in the major city. The city also draws over a million tourists to its main attractions, such as the Tennessee Aquarium, Rock City, Ruby Falls, Civil War monuments of Battlefield Parkway. Coupling all of the attributes, The Meadows provides an investor the opportunity to purchase an amazing trophy property with every quality that an investor would want when purchasing a new asset.

    Full Offering Memorandum