Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced on Friday the sale of a 44,800-square-foot Walmart Shadow-Anchored Retail Center in Chattanooga for $3.6 million.
"Demand for retail centers at attractive cap rates with leasing upside is as strong as ever as evidenced by this closing – our 10th shopping center sale this year,” said Zach Taylor.
Mr. Taylor, senior managing director in Marcus & Millichap’s Atlanta office, had the exclusive listing to market the property on behalf of the seller, a Tennessee-based developer. Jody McKibben, Marcus & Millichap’s Broker of Record in Tennessee, assisted in closing the transaction.
Brainerd Market Center is located at 480 Greenway Drive, situated between Interstate-75 and Road 64, which sees approximately 160,000 vehicles per day. As one of the busiest shopping centers within a five-mile radius with more than 1.5 million annual visits, the property is currently 80% occupied with a mix of national, regional, and local tenants, with the average tenant tenure of 14 years. The property is adjacent to East Gate Town Center and accompanying retail and business parks, which total two million square feet of retail and office space and are only two miles from Chattanooga Airport.