South Terrace Plaza
Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of South Terrace Plaza, a 46,700-square foot retail center, in Chattanooga, for $5,265,000.
"The strength of the Chattanooga market and the significant upside potential of the center created a highly competitive bid process for this property," says Zach Taylor, senior managing director of investments.
Taylor and Eric Abbott, investment specialists 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, broker of record in Tennessee, assisted in closing the transaction.
Located at 5076-5084 South Terrace, the retail center is situated where Interstate-75 transitions into Interstate-24.
"With a total of 12 tenants, averaging a 23-year tenure, the property is shadow-anchored by AMC Movie Theaters, the most visited movie theater within a 50-mile radius," officials said. "It is also shadow-anchored by TNT Fireworks and At Home. The property, currently 94 percent occupied, has experienced robust leasing activity, with six new leases executed in the past year."