Northtowne Centre
Closed5450 Hwy 153, Chattanooga, TN 37343
Property type
Retail
Price
$19,100,000
Building size
257,744 sf
Rentable area
257,744 SF
Year built
1990
Year renovated
Occupancy
Zoning code
Lot size
12.33 Acres
Sold/status
Sold · Date unknown
Sale price
$19100000
CAP
8.61%
Property description
Franklin Street is pleased to present Northtowne Centre, a 257,744 SF regional center in Chattanooga, TN. Chattanooga is the fourth-largest city in Tennessee and is located centrally between Knoxville and Atlanta. The MSA is made up of over 525,000 residents. Northtowne Centre is anchored by nationals including: Hobby Lobby, Ashley Furniture Outlet, American Freight & Mattress, Dollar Tree, among others. The property is located in the center of the retail corridor on the well-traveled Hwy 153 (45,295 VPD), and six different access points to the center. The strength of the retail corridor is demonstrated by the surrounding national tenants including: Walmart, Kohl's, Target, Lowe's, Home Depot, Belk, Burlington, among many others. The retail district has a strong pull to the north/east/west and is separated from downtown Chattanooga by the Tennessee River. The property has been well maintained and was recently upgraded. The property as performed well during COVID with few rent deferrals and two anchors extending their leases during the pandemic.
Property highlights
- 257,744 SF Regional Center in Chattanooga, TN
- Excellent Visibility: 45,295 VPD travel daily along Hwy 153
- Customer visits have returned to Pre-COVID levels per Placer.Ai
- National Tenant Lineup: Hobby Lobby, Staples, Ashley Furniture Outlet, Dollar Tree, American Freight & Mattress, among others
- Below market rents for anchors: $4.00 - $6.50 PSF
- Located on major retail corridor
- Recent upgrades: Facade, Painting, Lighting, and Pylon Signage
- Easy access: 6 different access points to the center
- Strong demographics: $82,921 Average Household Incomes
- Recent anchor extensions: Ashley Furniture and Stockdales renewed during COVID