Multi-anchored retail in suburban Chattanooga center sells for $19.95M

ATLANTA, Dec. 19, 2022 – JLL Capital Markets announced today that it has closed the $19.95 million sale of Cleveland Towne Center, a 148,203-square-foot, multi-anchored retail center in the Chattanooga, Tennessee suburb of Cleveland.

JLL marketed the property on behalf of the seller, Wicker Park Capital Management, LLC. Bodin Properties acquired the asset.

Built in 2008, the 100-percent-leased Cleveland Towne Center is anchored by Ross Dress for Less, Ashley Furniture, Old Navy, Books-A-Million and Electronic Express and shadow anchored by Kohl’s and Target. The high-performing center ranks in the top 92% most-visited shopping centers in Tennessee and is in the top 91% most-visited shopping centers in the United States.

Situated at 4580 Frontage Rd., the center is set directly off of I-75 with over 53,000 vehicles passing by the property per day. The property is within close proximity to numerous economic drivers, including Whirlpool Corporation and M&Ms manufacturing as well as Lee University and Cleveland State Community College. The property benefits from an extended trade area, as the closest competing location for all anchor tenants is over 20 miles away. Additionally, Chattanooga is approximately 25 miles away.

The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan and Associate Andrew Kahn.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Wicker Park Capital Management, LLC (“WPCM”) is a privately held real estate investment firm focused on multi-family, retail and mixed-use properties in the Southern United States. WPCM has offices in Savannah, Birmingham and Atlanta.