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.