Covenant Transport
The property leased by Covenant Transport in Lookout Valley has been sold for $35,421,000.
The sale was to Covenant Asset Management Llc from Ct Chattanooga Tennessee Llc, Agnl Covenant Llc.
The same property was sold for $30 million in April 2006.
It includes the 182,604-square-foot office occupied by Covenant. Total square footage is 243,151, counting the operations and maintenance facility.
The property includes 46 acres.
The Stan Johnson Company has been offering for sale to investors "an attractive 243,151 SF corporate headquarters facility in Chattanooga. The property is 100% leased to Covenant Transport, Inc. under an absolute net lease with approximately 18.5 years remaining."
The sales brochure said, "Chattanooga is one of the largest cities in Tennessee and the seat of Hamilton County. It is located in Southeast Tennessee on the Tennessee River, near the border of Georgia. The city of Chattanooga is ideally located between Knoxville, Nashville, and Atlanta, and is served by three major interstates.
"More than seventy motor freight lines are certified to transport interstate shipments in the Hamilton County area and the county is home to two of the top ten publicly traded truckload companies.
"The Chattanooga MSA covers six counties and 2,091 square miles. At the end of 2006, the population in the Chattanooga MSA was estimated to be 491,500, representing an increase of 13.5% since 1990."
It says one percent annual rental increases are written into the contract.
The brochure notes that Covenant is a "publicly-traded tenant with a net worth in excess of $172 million."
The complex, including the three-story office building, was constructed in 1996.