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Shopping Neighborhood

Perimeter Place

6231 Perimeter Dr, Chattanooga, TN 37421

Listing Price: $20,500,000

Cap Rate
7.65%
Gross SF
157,685
Rentable SF
157,685
Price/Gross SF
$130.01
Lot Size
17.80 acres
Year Built
1985

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.

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

  • Jody McKibben

    First Vice President/Regional Manager

    (615) 997-2800

    License(s) TN: 307629

    Tennessee

Financing By

Shopping Neighborhood

Perimeter Place

Listing Price: $20,500,000

Cap Rate
7.65%
Gross SF
157,685
Rentable SF
157,685
Price/Gross SF
$130.01
Lot Size
17.80 acres
Year Built
1985

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

  • Jody McKibben

    First Vice President/Regional Manager

    (615) 997-2800

    License(s): TN: 307629

    Tennessee

Financing By

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