Skip to main content

Shopping Regional

Cleveland Corners

850 25th St NW, Cleveland, TN 37311

Listing Price: $8,645,000

Cap Rate
8.00%
Gross SF
93,758
Rentable SF
93,758
Price/Gross SF
$92.21
Lot Size
9.10 acres
Year Built
1969

Investment Overview

CLEVELAND CORNERS SHOPPING CENTER • The subject property is a 93,758 SF Retail Offering in Chattanooga, TN • Cleveland corners has a historic tenancy with an average tenant tenure of 22 Years • The property is 98% leased and includes national brands such as Big Lots, Dollar Tree, Badcock Furniture, Tuesday Morning, Regions Bank, & more • Cleveland Corners offers an investor a strong 12.25% Cash-on-Cash return and is priced below replacement cost ($92.21 PSF) • Value Add Opportunity: Center includes multiple outparcels that investor could sell individually to lower basis HISTORY OF STRONG TENANT PERFORMANCE | LEASING MOMENTUM • Big Lots (26% of GLA) has been in this location since 1991 and has renewed the lease 5 times, most recently for 5 years in 2021 • This Big Lots location ranks in the top 90% of all Big Lots Locations (Placer.ai) • Badcock Furniture (21% of GLA) has been in this location since 1994 and has renewed the lease 6 times, most recently for 3 years in 2021 • Home Expo (14% of GLA) has been in this location since 2011 and just renewed the lease for 5 years • Tuesday Morning has been in this location since 2004 and has renewed its lease 6 times • Dollar Tree is a new tenant whose term will begin in January of 2022 and continue through December of 2026 • The above tenants (Big Lots, Badcock Furniture, Home Expo, Tuesday Morning, and Dollar Tree) make up 85% of the total GLA STRATEGIC LOCATION • Property sits at the high traffic intersection of 25th St N W & Keith St NW (52,369 Combined VPD) • The shopping center is positioned at a signalized intersection excellent visibility, & 6 points of ingress/egress • Cleveland Corners is nestled in a dense suburban pocket with 73,829 population in the surrounding 5-Mile Radius CLEVELAND, TN | CHATTANOOGA MSA • Cleveland is the county seat of and largest city in Bradley County, Tennessee • Cleveland is a suburb of Chattanooga and has the fifth-largest industrial economy of Tennessee, having thirteen Fortune 500 manufacturers • The Chattanooga metropolitan area is the fourth largest in Tennessee. The city anchors a three-state area that includes Southeast Tennessee, Northwest Georgia, and Northeast Alabama. • Chattanooga is home to a diversified and growing mix of manufacturing and service industries with a population of over 180,000 • The University of Tennessee at Chattanooga is the second largest campus of the University of Tennessee system, with a population of over 10,000. Chattanooga State Community College is a two-year community college with a total undergraduate enrollment of roughly 11,000 students. • Chattanooga has been voted as one of the top places to live and to retire

Investment Highlights

  • Strong Performing Tenants
  • Average Tenant Tenure | 22 Years
  • 85% National Brands
  • Leasing Momentum | 4 Renewals & 1 New Tenant
  • Cash on Cash 12.25%
  • Priced Below Replacement Cost | $92.21

Exclusively Listed By

Broker of Record

  • Jody McKibben

    First Vice President/Regional Manager

    (615) 997-2860

    License(s) TN: 307629

    Tennessee

Financing By

Shopping Regional

Cleveland Corners

Listing Price: $8,645,000

Cap Rate
8.00%
Gross SF
93,758
Rentable SF
93,758
Price/Gross SF
$92.21
Lot Size
9.10 acres
Year Built
1969

Investment Highlights

  • Strong Performing Tenants
  • Average Tenant Tenure | 22 Years
  • 85% National Brands
  • Leasing Momentum | 4 Renewals & 1 New Tenant
  • Cash on Cash 12.25%
  • Priced Below Replacement Cost | $92.21

Investment Overview

CLEVELAND CORNERS SHOPPING CENTER • The subject property is a 93,758 SF Retail Offering in Chattanooga, TN • Cleveland corners has a historic tenancy with an average tenant tenure of 22 Years • The property is 98% leased and includes national brands such as Big Lots, Dollar Tree, Badcock Furniture, Tuesday Morning, Regions Bank, & more • Cleveland Corners offers an investor a strong 12.25% Cash-on-Cash return and is priced below replacement cost ($92.21 PSF) • Value Add Opportunity: Center includes multiple outparcels that investor could sell individually to lower basis HISTORY OF STRONG TENANT PERFORMANCE | LEASING MOMENTUM • Big Lots (26% of GLA) has been in this location since 1991 and has renewed the lease 5 times, most recently for 5 years in 2021 • This Big Lots location ranks in the top 90% of all Big Lots Locations (Placer.ai) • Badcock Furniture (21% of GLA) has been in this location since 1994 and has renewed the lease 6 times, most recently for 3 years in 2021 • Home Expo (14% of GLA) has been in this location since 2011 and just renewed the lease for 5 years • Tuesday Morning has been in this location since 2004 and has renewed its lease 6 times • Dollar Tree is a new tenant whose term will begin in January of 2022 and continue through December of 2026 • The above tenants (Big Lots, Badcock Furniture, Home Expo, Tuesday Morning, and Dollar Tree) make up 85% of the total GLA STRATEGIC LOCATION • Property sits at the high traffic intersection of 25th St N W & Keith St NW (52,369 Combined VPD) • The shopping center is positioned at a signalized intersection excellent visibility, & 6 points of ingress/egress • Cleveland Corners is nestled in a dense suburban pocket with 73,829 population in the surrounding 5-Mile Radius CLEVELAND, TN | CHATTANOOGA MSA • Cleveland is the county seat of and largest city in Bradley County, Tennessee • Cleveland is a suburb of Chattanooga and has the fifth-largest industrial economy of Tennessee, having thirteen Fortune 500 manufacturers • The Chattanooga metropolitan area is the fourth largest in Tennessee. The city anchors a three-state area that includes Southeast Tennessee, Northwest Georgia, and Northeast Alabama. • Chattanooga is home to a diversified and growing mix of manufacturing and service industries with a population of over 180,000 • The University of Tennessee at Chattanooga is the second largest campus of the University of Tennessee system, with a population of over 10,000. Chattanooga State Community College is a two-year community college with a total undergraduate enrollment of roughly 11,000 students. • Chattanooga has been voted as one of the top places to live and to retire

Exclusively Listed By

Broker of Record

  • Jody McKibben

    First Vice President/Regional Manager

    (615) 997-2860

    License(s): TN: 307629

    Tennessee

Financing By

MM Texture Background
MM Textured Background Lower