Cleveland Corners

Cleveland Corners

850 25th St. NW., Cleveland, TN 37311
Cleveland (Chattanooga MSA), TN

Price: $8,645,000
Cap: 8.00%
NOI: $691,469
Building Size: 93,758 SF
Lot Size: 9.1 AC

Investment Highlights

CLEVELAND CORNERS SHOPPING CENTER
• The subject property is a 93,758 SF Retail Offering in Chattanooga, TN
• Cleveland corners has a historic tenancy with an average tenant tenure of 22 Years
• The property is 98% leased and includes national brands such as Big Lots, Dollar Tree, Badcock Furniture, Tuesday Morning, Regions Bank, & more
• Cleveland Corners offers an investor a strong 12.25% Cash-on-Cash return and is priced below replacement cost ($92.21 PSF)
• Value Add Opportunity: Center includes multiple outparcels that investor could sell individually to lower basis

HISTORY OF STRONG TENANT PERFORMANCE | LEASING MOMENTUM
• Big Lots (26% of GLA) has been in this location since 1991 and has renewed the lease 5 times, most recently for 5 years in 2021
• This Big Lots location ranks in the top 90% of all Big Lots Locations (Placer.ai)
• Badcock Furniture (21% of GLA) has been in this location since 1994 and has renewed the lease 6 times, most recently for 3 years in 2021
• Home Expo (14% of GLA) has been in this location sin ce 2011 and just renewed the lease for 5 years
• Tuesday Morning has been in this location sin ce 2004 and has renewed its lease 6 times
• Dollar Tree is a new tenant whose term will begin in Januar y of 2022 and continue through December of 2026
• The above tenants (Big Lots, Badcock Furniture, Home Expo, Tuesday Morning, and Dollar Tree) make up 85% of the total GLA

STRATEGIC LOCATION
• Property sits at the high traffic intersection of 25th St N W & Keith St NW (52,369 Combined VPD)
• The shopping center is positioned at a signalized intersection excellent visibility, & 6 points of in gress/egress
• Cleveland Corners is nestled in a dense subur ban pocket with 73,829 population in the surrounding 5-Mile Radius

SUPERIOR DEMOGRAPHICS
• 5-Mile Population: 73,829
• 5-Mile Avg. Household Income: $72,008
• 5-Mile Growth: 4.14%

CLEVELAND, TN | CHATTANOOGA MSA
• Cleveland is the county seat of and largest city in Bradley County, Tennessee
• Cleveland is a suburb of Chattanooga and has the f ifth-largest industrial economy of Tennessee, having thirteen Fortune 500 manufacturers
• The Chattanooga metropolitan area is the fourth largest in Tennessee. The city anchors a three-state area that includes Southeast Tennessee, Northwest Georgia, and Northeast Alabama.
• Chattanooga is home to a diversified and growing mix of manufacturing and service industries with a population of o ver 180,000
• The University of Tennessee at Chattanooga is the second largest campus of the University of Tennessee system, with a population of o ver 10,000. Chattanooga State Community College is a two-year community college with a total undergraduate enrollment of roughly 11,000 students.
• Chattanooga has been voted as one of the top places to live and to retire

 

Zach Taylor
Eric Abbott
OFFERING MEMORANDUM

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