HFF closes sale and arranges financing for Cleveland Towne Center near Chattanooga, Tennessee
ATLANTA, GA – January 17, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale and arranged acquisition financing for Cleveland Towne Center, a 152,839-square-foot regional power center in Cleveland, a suburb of Chattanooga, Tennessee.
HFF marketed the center on behalf of an institutional client. Wicker Park Capital Management, LLC purchased the asset free and clear of existing debt. Additionally, working on behalf of the new owner, HFF placed the seven-year, fixed-rate acquisition loan with Deutsche Bank.
Cleveland Towne Center is a regional power center that is anchored by Books-A-Million, Bed Bath & Beyond, Electronics Express, Michael’s, Ross Dress for Less, Kohl’s (shadow) and Target (shadow). The property is located in Cleveland, directly along Interstate 75, one of most heavily trafficked interstates in the U.S. with more than 37,000 vehicles passing by the property each day. Other national and regional tenants at Cleveland Towne Center include AT&T, Dos Bros Mexican Restaurant, Fulin’s Asian Cuisine, GameStop, Honey Baked Ham, Lifeway Christian, Rock Creek Outfitters, Sports Clips and Shane’s Rib Shack.
The HFF investment sales team representing the seller was led by senior managing directors Jim Hamilton and Richard Reid and associates Brad Buchanan and Mike Allison.
The HFF debt placement team representing the borrower was led by director Chip Sykes and associate Matthew Beam.
“Cleveland Towne Center offered investors the rare opportunity to acquire a dominant regional power center located in a growing suburb of the Chattanooga MSA with a dynamic tenant line-up that serves an extended trade area up to 20 miles from the property,” Hamilton said.
About Wicker Park Capital Management, LLC
Wicker Park Capital Management, LLC is a privately held commercial real estate investment firm headquartered in Savannah, Georgia. In conjunction with family offices and accredited investors, Wicker Park seeks value-add opportunities in retail & multi-family properties throughout the southeastern United States.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.