Press Releases
Marcus & Millichap Announces Sale of Chattanooga Walmart Shadow-Anchored Retail Center
March 15, 2024
CHATTANOOGA, Tenn., Mar. 15, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 44,800-square-foot Walmart Shadow-Anchored Retail Center in Chattanooga, Tennessee for $3.6 million.
"Demand for retail centers at attractive cap rates with leasing upside is as strong as ever as evidenced by this closing – our 10th shopping center sale this year,” says Zach Taylor.
Taylor, senior managing director in Marcus & Millichap’s Atlanta office, had the exclusive listing to market the property on behalf of the seller, a Tennessee-based developer. Jody McKibben, Marcus & Millichap’s Broker of Record in Tennessee, assisted in closing the transaction.
Brainerd Market Center is located at 480 Greenway Drive, situated between Interstate-75 and Road 64, which sees approximately 160,000 vehicles per day. As one of the busiest shopping centers within a five-mile radius with more than 1.5 million annual visits, the property is currently 80% occupied with a mix of national, regional, and local tenants, with the average tenant tenure of 14 years. The property is adjacent to East Gate Town Center and accompanying retail and business parks, which total two million square feet of retail and office space and are only two miles from Chattanooga Airport.
"Demand for retail centers at attractive cap rates with leasing upside is as strong as ever as evidenced by this closing – our 10th shopping center sale this year,” says Zach Taylor.
Taylor, senior managing director in Marcus & Millichap’s Atlanta office, had the exclusive listing to market the property on behalf of the seller, a Tennessee-based developer. Jody McKibben, Marcus & Millichap’s Broker of Record in Tennessee, assisted in closing the transaction.
Brainerd Market Center is located at 480 Greenway Drive, situated between Interstate-75 and Road 64, which sees approximately 160,000 vehicles per day. As one of the busiest shopping centers within a five-mile radius with more than 1.5 million annual visits, the property is currently 80% occupied with a mix of national, regional, and local tenants, with the average tenant tenure of 14 years. The property is adjacent to East Gate Town Center and accompanying retail and business parks, which total two million square feet of retail and office space and are only two miles from Chattanooga Airport.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
