Sale of a grocery-anchored community center in Chattanooga, Tennessee, closed by HFF
ATLANTA, GA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of The Overlook at Hamilton Place, a 213,095-square-foot community shopping center in Chattanooga, Tennessee.
HFF marketed the property on behalf of the seller. Preferred Apartment Communities, Inc. (NYSE: APTS), through is retail subsidiary New Market Properties LLC, purchased the asset free and clear of existing debt.
The Overlook at Hamilton Place is anchored by The Fresh Market, Hobby Lobby, Petco, Best Buy, Shoe Carnival and Rugged Warehouse. Situated on 19.81 acres at 2288 Gunbarrel Road in eastern Chattanooga, the property is located at the “main and main” intersection of Gunbarrel Road and Shallowford Road. The center is located in a strong retail node consisting of four million square feet of retail that is 99 percent leased. The Overlook at Hamilton Place attracts shoppers from three states – Alabama, Georgia and Tennessee – as the most comparable retail node is 80 miles away.
The HFF team representing the seller was led by senior managing directors Jim Hamilton and Richard Reid.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 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.