posted October 23, 2008
Berry & Hunt has purchased four real estate parcels in downtown Chattanooga, including the old Hub Furniture building, from Blue Cross Blue Shield of Tennessee.
“We are ‘bullish’ on our downtown; as we have been for over 20 years,” said Steve Hunt, managing partner of the real estate brokerage company, Berry & Hunt. “The changes here have just been fantastic over the last 20 years and these properties are wonderfully situated in the heart of downtown Chattanooga. They are well-positioned to take advantage of our downtown’s continued positive momentum.
"The Hub Building is located on one of the very best corners in downtown Chattanooga. It is highly visible and very convenient. With its attachment to the Hub parking garage, it is one of the very few places in our city where you can walk out of your office to your vehicle on the same level.
“With over 10,000 square feet per floor, the 43,000 square foot HUB Building offers a very flexible and efficient floor plate. The first floor is ideal for a bank or other retail tenant with its high ceilings and open floor plan, while the upper two floors provide over 20,000 sf of great office space. But the key to this building is its location and attached parking.
“We have office space available at One Central Plaza (from 1,500 sf to 17,500 sf). We feel that the Hub Building is a nice compliment to that location and our other offerings.
”Republic Centre is our only other property that offers over 10,000 sf per floor, and for all practical purposes, it is full. Republic Plaza is full, as is the Pioneer Building and the 811 Building. We are blessed to have our tenants view us as their “business partner” when it comes to providing the proper office space solution.”
As part of the sale agreement, BlueCross will leaseback the property through July of next year.
Mr. Hunt said, “We have received interest from others about leasing and/or purchasing the building and will continue to develop those conversations. Frankly, we purchased the Hub Building because of its stellar location, great condition and adjacent parking. BlueCross has done a marvelous job in maintaining the building.”
The parking areas purchased by Sixth Street Limited Partnership currently provide 200 covered and surface parking spaces at the corner of Broad and Sixth Streets. Although the appraisal suggests that parking may not be the highest and best use, BlueCross will continue to lease the properties as parking through next summer.
Sixth Street LP indicated that it will consider selling some or all of the property as long as the future development complements and enhances the neighborhood.
Berry & Hunt is a licensed real estate brokerage firm who represents itself and its partners in commercial real estate sales and leasing transactions. Berry & Hunt also serves other customers in third-party transactions.
The brokerage firm of Jones Lang LaSalle of Atlanta represented Blue Cross Blue Shield of Tennessee.
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