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Lee Pointe, Chattanooga, TN

Lee Pointe

Chattanooga, TN

Price $11,823,000
Cap Rate 8.00%
NOI $945,827
Lease Term Various
Lease Type NNN
Rental Increases Various
Year Built 2014
Building Size 57,614 SF
Lot Size 3.006 Acres (130,942 SF)
Status Available
Lead Broker Information Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Cushman and Wakefield Inc. LIC. # 00616335
This property is listed in conjunction with Tennessee-licensed real estate broker Cushman & Wakefield, Inc.

Investment Highlights

CORPORATE LEASES WITH MINIMAL LANDLORD RESPONSIBILITIES
» 96.6% occupied by two Regional tenants
» Miller-Motte Technical College has 17 locations in the southeast
» Few technical college competitors in the region
» BenchMark Rehab Partners corporate office supports the 125 southeastern practices

RARE ANNUAL RENTAL INCREASES PROVIDING A HEDGE AGAINST INFLATION
» Annual rent increases for Miller-Motte and BenchMark
» 2014 completion insures limited capital repair expenditures
» 3-acre site brings nominal repair & maintenance needs
» Tenants responsible for interior of their suites

WELL POSITIONED OFFICE BUILDING IN DESIRABLE CHATTANOOGA LOCATION
» New, high quality construction
» Floor plate less than 20,000 SF, ideal for future re-leasing opportunities
» Easily accessible location near I-75
» Chattanooga MSA population over 550,000 / 2nd highest MSA growth rate in Tennessee
» No state income tax in Tennessee giving residents extra cash to apply towards continuing education
» Growing need for skilled professionals with one-quarter of the Tennessee workforce retiring over the next decade

ATTRACTIVE ASSUMABLE DEBT
» Current Loan Balance: $8,364,938 (As of 1/1/2019)
» Interest Rate: 4.50%
» Amortization Term: 23 Years
» Maturity Date: June 1, 2027
» Annual Debt Service: $607,836

Click Here to Download Offering Memorandum


Property Description

Strategically located at the intersection of Hwy-153 and Hwy-64 and less than 1 mile from I-75, Lee Pointe is easily accessible from around the Chattanooga MSA. Additionally, the property is less than 3 miles north of Erlanger East Hospital and Hamilton Place Mall, both primary employment drivers in the area, increasing the need for skilled professionals and medical office space in East Chattanooga.

Developed in 2014, Lee Pointe is a 57,614 SF office building in Chattanooga, TN. The 3-story building is anchored by Miller-Motte Technical College and BenchMark Rehab Partners, and each have over 7 years remaining on their term. Miller-Motte is a dominant technical college, offering 17 locations throughout the Southeast as well as numerous online programs. BenchMark has a network of 125 physical therapy practices throughout the Southeast, and Lee Pointe is home to one of their corporate offices. With an occupancy of 96.6%, Lee Pointe has 1 available suite on the 3rd floor of the building.

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