The property features national tenants including Hobby Lobby, Dollar Tree, Stockdale’s, Staples and Ashley HomeStore Outlet
CHATTANOOGA, TN (January 4, 2020) – Franklin Street has arranged the sale of Northtowne Centre, a 257,744-square-foot regional shopping center in Chattanooga. Coastal Equities, a South Florida-based commercial real estate investment company, acquired the asset for $14 million.
Franklin Street’s John Tennant and Bryan Belk, of the firm’s Atlanta Retail Investment Sales Team, represented a private seller in the transaction.
Northtowne Centre was 96.26% occupied at the time of sale with national tenants including Hobby Lobby, Ashley HomeStore Outlet, American Freight & Mattress, Staples, Dollar Tree, Stockdale’s, Great Clips and others. The property also features outparcels for Waffle House, McDonald’s and Firestone Complete Auto Care, which were not included in the transaction but provide additional traffic for the shopping center.
Northtowne Centre is situated within a dense trade area that sees 45,295 vehicles per day along Highway 153 and serves more than 140,000 residents within a 7-mile radius. The property has been well maintained and recently received upgrades to the exterior façade, lighting and signage.
“This transaction is just one example of how, despite COVID-19’s impact on the retail sector, investors are still interested in well-located retail centers with diverse credit tenants,” said Belk. “This asset is well-positioned with the types of tenants that continue to perform well, including furniture, hobby items, lawn care and livestock feed, and discount retailers.
“Motivated buyers who are willing to move quickly on assets are currently benefiting from attractive pricing along with historically low interest rates, providing strong risk adjusted returns for retail centers,” said Tennant.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With more than $5 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando and Atlanta. Learn more about Franklin Street at FranklinSt.com.
