Press Releases
Marcus & Millichap Sells Shadow-Anchored Chattanooga Retail Center for $5.26M
June 05, 2024
CHATTANOOGA, Tenn., June 5, 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 South Terrace Plaza, a 46,700-square foot retail center, in Chattanooga, Tennessee, for $5,265,000.
"The strength of the Chattanooga market and the significant upside potential of the center created a highly competitive bid process for this property," says Zach Taylor, senior managing director of investments.
Taylor and Eric Abbott, investment specialists 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, Broker of Record in Tennessee, assisted in closing the transaction.
Located at 5076-5084 South Terrace, the retail center is situated where Interstate-75 transitions into Interstate-24. With a total of 12 tenants, averaging a 23-year tenure, the property is shadow-anchored by AMC Movie Theaters, the most visited movie theater within a 50-mile radius. It is also shadow-anchored by TNT Fireworks and At Home. The property, currently 94% occupied, has experienced robust leasing activity, with six new leases executed in the past year.
"The strength of the Chattanooga market and the significant upside potential of the center created a highly competitive bid process for this property," says Zach Taylor, senior managing director of investments.
Taylor and Eric Abbott, investment specialists 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, Broker of Record in Tennessee, assisted in closing the transaction.
Located at 5076-5084 South Terrace, the retail center is situated where Interstate-75 transitions into Interstate-24. With a total of 12 tenants, averaging a 23-year tenure, the property is shadow-anchored by AMC Movie Theaters, the most visited movie theater within a 50-mile radius. It is also shadow-anchored by TNT Fireworks and At Home. The property, currently 94% occupied, has experienced robust leasing activity, with six new leases executed in the past year.
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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.
