Shopping Neighborhood
Perimeter Place
6231 Perimeter Dr, Chattanooga, TN 37421
Listing Price: $20,500,000
Investment Overview
Marcus & Millichap has been selected to exclusively market for sale Perimeter Place in Chattanooga, Tennessee. Built in 1985, the 157,685-square-foot Sportsman’s Warehouse-anchored shopping center is strategically located just off I-75 at the southwest corner of Highway 153 and Highway 64 in Chattanooga. Perimeter Place is anchored by Sportsman’s Warehouse, which ranks in the top 28% for foot traffic in United States and recently exercised a 10-year lease renewal. Other featured tenants include Splitz Alley, Planet Fitness, Salon Centric, and Cycle Gear. The center has a strong parking ratio of 7.78 stalls /1,000 square feet, and the lot was entirely resurfaced in 2022. Perimeter Place features a pylon sign and freeway visibility located in a high traffic area with the convergence of three major highways. Traffic counts for the location of State Hwy 153 and Lee Hwy are 77,780 vehicles per day. Traffic totals for I-75 are 112,843 vehicles per day.
Perimeter Place
Investment Highlights
- Freeway Visible - 157,685 SF Sportsman's Warehouse Anchored Center | Just Off I-75 at the SW Corner of Hwy 153 & 64 in Chattanooga, TN | Less Than 1-Mile from Airport Within Hamilton Place Submarket
- Sportsman's Warehouse (NASDAQ: SPWH) - $451M Market Cap | 17 Year Operating History at Location - Recent 10 Year Extension to 2033 | Top 28% - Placer.ai Nationwide Ranking
- Upside Potential - Significant SF Expansion/Reconfiguration Potential of Sportsman's Warehouse End-Cap Space Facing Freeway | Center Has Over 7.78 Spaces/1K SF Parking
- Majority of Tenants Have Either Extended/Renewed Leases - Low Tenant Turnover | Absorption Rate for Shop Space Typically 2-4 Months | Rents Average Mid to Low Teens | Well Below Market Rent for Multiple Tenants
- Chattanooga Metro Features 2.9% Unemployment and Ultra-Low Retail Vacancy at 2.8% | Tennessee is a High Growth Pro-Business State | Non-Income Tax State
- Vibrant and Synergistic Tenant Roster Featuring a Balanced Mix of National, Regional and Local Businesses
- Pylon Signage with Freeway Visibility | Combined Traffic Counts at Hwy 153 and 64 are 77,780 Average Vehicles Per Day | Less than 1 Mile from Hamilton Place Mall - Over 1 Million Square Feet of Retail Space
- Recent Capital Improvements Include Entire Parking Lot Resurfacing in 2022 + Several HVAC Replacements
Exclusively Listed By
Broker of Record
Financing By
Listing Price: $20,500,000
Investment Highlights
- Freeway Visible - 157,685 SF Sportsman's Warehouse Anchored Center | Just Off I-75 at the SW Corner of Hwy 153 & 64 in Chattanooga, TN | Less Than 1-Mile from Airport Within Hamilton Place Submarket
- Sportsman's Warehouse (NASDAQ: SPWH) - $451M Market Cap | 17 Year Operating History at Location - Recent 10 Year Extension to 2033 | Top 28% - Placer.ai Nationwide Ranking
- Upside Potential - Significant SF Expansion/Reconfiguration Potential of Sportsman's Warehouse End-Cap Space Facing Freeway | Center Has Over 7.78 Spaces/1K SF Parking
- Majority of Tenants Have Either Extended/Renewed Leases - Low Tenant Turnover | Absorption Rate for Shop Space Typically 2-4 Months | Rents Average Mid to Low Teens | Well Below Market Rent for Multiple Tenants
- Chattanooga Metro Features 2.9% Unemployment and Ultra-Low Retail Vacancy at 2.8% | Tennessee is a High Growth Pro-Business State | Non-Income Tax State
- Vibrant and Synergistic Tenant Roster Featuring a Balanced Mix of National, Regional and Local Businesses
- Pylon Signage with Freeway Visibility | Combined Traffic Counts at Hwy 153 and 64 are 77,780 Average Vehicles Per Day | Less than 1 Mile from Hamilton Place Mall - Over 1 Million Square Feet of Retail Space
- Recent Capital Improvements Include Entire Parking Lot Resurfacing in 2022 + Several HVAC Replacements
Investment Overview
Marcus & Millichap has been selected to exclusively market for sale Perimeter Place in Chattanooga, Tennessee. Built in 1985, the 157,685-square-foot Sportsman’s Warehouse-anchored shopping center is strategically located just off I-75 at the southwest corner of Highway 153 and Highway 64 in Chattanooga. Perimeter Place is anchored by Sportsman’s Warehouse, which ranks in the top 28% for foot traffic in United States and recently exercised a 10-year lease renewal. Other featured tenants include Splitz Alley, Planet Fitness, Salon Centric, and Cycle Gear. The center has a strong parking ratio of 7.78 stalls /1,000 square feet, and the lot was entirely resurfaced in 2022. Perimeter Place features a pylon sign and freeway visibility located in a high traffic area with the convergence of three major highways. Traffic counts for the location of State Hwy 153 and Lee Hwy are 77,780 vehicles per day. Traffic totals for I-75 are 112,843 vehicles per day.
Exclusively Listed By
Broker of Record
Financing By
