HFF Closes Sale And Arranges Financing For Cleveland Towne Center

  • Tuesday, January 17, 2017
Cleveland Towne Center
Cleveland Towne Center

Holliday Fenoglio Fowler, L.P. announced Tuesday that it has closed the sale and arranged acquisition financing for Cleveland Towne Center, a 152,839-square-foot regional power center.

HFF marketed the center on behalf of an institutional client.  Wicker Park Capital Management, LLC purchased the asset free and clear of existing debt.  Additionally, working on behalf of the new owner, HFF placed the seven-year, fixed-rate acquisition loan with Deutsche Bank. 

Cleveland Towne Center is a regional power center that is anchored by Books-A-Million, Bed Bath & Beyond, Electronics Express, Michael’s, Ross Dress for Less, Kohl’s (shadow) and Target (shadow). The property is in Cleveland, directly along Interstate 75, one of most heavily trafficked interstates in the U.S. with more than 37,000 vehicles passing by the property each day. Other national and regional tenants at Cleveland Towne Center include AT&T, Dos Bros Mexican Restaurant, Fulin’s Asian Cuisine, GameStop, Honey Baked Ham, Lifeway Christian, Rock Creek Outfitters, Sports Clips and Shane’s Rib Shack.  

The HFF investment sales team representing the seller was led by senior managing directors Jim Hamilton and Richard Reid and associates Brad Buchanan and Mike Allison. 

The HFF debt placement team representing the borrower was led by director Chip Sykes and associate Matthew Beam.    

“Cleveland Towne Center offered investors the rare opportunity to acquire a dominant regional power center located in a growing suburb of the Chattanooga MSA with a dynamic tenant line-up that serves an extended trade area up to 20 miles from the property,” Mr. Hamilton said.

Real Estate
Kadi Brown: 2024 February Market Report
Kadi Brown: 2024 February Market Report
  • 3/14/2024

The housing market is showing signs of healthy activity, according to the latest report for February 2024. Existing home sales have seen a notable increase, marking the most energetic pace since ... more

Chattanooga Housing Authority Awarded $20,000 For Resilience Projects At Emma Wheeler Homes
Chattanooga Housing Authority Awarded $20,000 For Resilience Projects At Emma Wheeler Homes
  • 3/14/2024

Chattanooga Housing Authority has been awarded a grant for the Butterfly Effect Program funded in part by the Open Space Institute, in partnership with Thrive Regional Partnership and support ... more

Lookout Valley Motel Sells For $3,410,101
Lookout Valley Motel Sells For $3,410,101
  • 3/14/2024

The Super 8 by Wyndham in Lookout Valley has sold for $3,410,101. It is located at 20 Birmingham Highway. The sale was to Shivsakti Llc from B R Lookout Hospitality Llc. more