Erlanger Sells Chattanooga Lifestyle Center On Market Street, Ooltewah Office Building

Wednesday, June 11, 2014

The Erlanger Health System Board,, at a special called meeting Tuesday night,, approved the sale of the Chattanooga Lifestyle Center at 325 Market St. and Erlanger's office building on Apison Pike.

Both facilities are being sold to the Noon Development LLC investment group.

The Lifestyle Center, which at one time was the old Newton Chevrolet, is being sold for $4.8 million.

The Ooltewah building, which had been identified as a non-performing asset, is under contract to sell for $625,000, with an additional $518,000 from the state.

Officials said, "Earlier this year, Erlanger President and CEO Kevin Spiegel announced several cost-cutting and strategic initiatives that would enable the health system to operate more efficiently and effectively.  Included in those plans was the sale of several non-performing assets."

CFO Britt Tabor told trustees that the Ooltewah building had been identified as a non-performing asset and presented an opportunity to convert the building to cash as a reinvestment to the health system.

The objective in putting the Chattanooga Lifestyle Center on the market was to eliminate the debt associated with the building, and forego operating expenses associated with its ongoing maintenance, it was stated.

Mr. Tabor said this transaction will eliminate the negative cash flow associated with the building, and result in a savings of more than $100,000 a month.

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