I am pleased to announce the closing of Atrium Shoppes at Hamilton Place Mall, a multi-tenant shopping center, located in Chattanooga, Tennessee for $5,200,000 ($254 per SF) to Li Group Three, LLC.
“This was a great opportunity for both buyer and seller to realize a win/win opportunity. The seller was able to get the price that was required to reach their investment objectives while the buyer was able to purchase a newly constructed center next to the premier mall in Chattanooga.” says Nick Miner, CCIM, Vice President at ORION. The Buyer obtained financing from US Bank and closed the transaction in less than 60 days for a 7.89% CAP rate.
The center was newly constructed and is located next to a mall that is owned and managed by CBL & Associates Properties, Inc. The property is currently occupied by Chili’s, Springleaf Financial, Batteries Plus to name just a few.
ORION Investment Real Estate/Nick Miner, CCIM’s comprehensive marketing efforts yielded numerous offers and ultimately a buyer was chosen who had local market expertise and owned other properties nearby.
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