Industrial Owner/Occupant or Investment Opportunity

Industrial for Sale
Also listed as Office
Catylist Listing ID: 29994211
Property Subtypes: Flex Space, Industrial-Business Park, Mixed Use, Light Industrial, Net Leased, Office Showroom, Other
Building Size (RSF): 35,300 SF
Gross Building Area: See Agent
Gross Land Area: 8 Acres
Sale Price: $3,630,000
Unit Price: $102.83 PSF
Ceiling: 18 ft. Clear
Docks/Doors: 1 Door
Office SF: 21,300 SF
Drive In Bays: 1 Bay
Property Use Type: Net Leased Investment (NNN), Investment, Vacant/Owner-User
Building Name: Blue Flame Building
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/14/2017

Overview / Comments

This is a rare, multi-faceted opportunity to own a large multi-use, property in Bonny Oaks Office and Industrial Park. This 8-acre parcel with a 22,390 SF office building and 14,000 SF warehouse offers opportunities as an investment property, or for the right owner to occupy all or part, leasing the remainder. The site offers the opportunity to carve off 2.5 to 3.5 Acres without compromising the land needed by the warehouse or the office.

The property was developed in 1991 as the headquarters for Chattanooga Gas. The current owners bought the property in 2001 to lease to a related party as a corporate facility. Currently, Mueller leases the second floor of the office building and the entire warehouse. Other first floor tenants include the Hamilton County Air Pollution Control Board, the Hamilton County Trustee, and a sales office for TE Connectivity Networks.

The office has excellent curb appeal with several large, mature trees, and an attractive entry befitting the corporate headquarters it was designed to be. Its masonry construction and large windows make for an attractive building, inside and out. The large foyer/reception area and reception desk was designed to welcome visitors while securing access to the hallways. There is a nice kitchen and dining area connected to a conference room, all near the entrance to the building, easily accessible to visitors. There are 145 "employee" parking spaces beside the office building, and 22 "visitor" parking spaces in front of the building.

The warehouse includes 10,900 SF on the ground with a 3,100 SF mezzanine, and features a 140' x 20' covered loading dock with an 8' x10' door and an additional 8' x 10' door on grade. Clear height is 18' for most of the building and there is a crane.

A fence encloses the warehouse and 4 of the 8 acres along with 72 parking spaces, 60 of which include propane fueling devices (currently not used). The parking lot inside the fence is mostly asphalt, but the docks include a concrete pad approximately 55' wide. The fence also encloses a concrete pad, about 0.6 acres, with 5 concrete storage bins, each approximately 12' x 25'. Power is 480v, 3-phase at 1600amps. The warehouse includes a crane.

Because the property was the headquarters for a utility company, it was equipped with redundant electric power generators, one propane and one diesel, ensuring maximum operating ability, even in the face of a disaster.

The warehouse and the office have neoprene roof, both replaced about 2009. This is great opportunity to acquire based on a fairly conservative pro forma, and create some real value, especially with the excess land that could be sold off or further developed. Volkswagen's expansion makes this an excellent site for a Tier 2 Provider as a tenant or owner.

Video Presentation of the Site: https://vimeo.com/185105823

Attachments & Media

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Tax ID/APN: 129K-B-042
Zoning: M-2
Property Located Between: Resource Dr and Century Oaks
Highway Access: TN Hwy 153 - 0.7 mi, 2 min. Interstate 75 - 4.0 mi, 6 min. Interstate 24 - 6.7 mi, 9 min.
Airports: CHA - 3.3 mi, 6 min.
Site Description: Level. Mostly asphalt paving with some concrete. Nice landscaping with some large mature trees.
Area Description: According the Hamilton County Property Office, the Bonny Oaks Industrial & Office Park is located at Bonny Oaks Drive and Jersey Pike off of Highway 153. The Park is primarily a distribution/light industry park with a campus-like setting. Tenants specialize in warehousing, customer services, and light manufacturing. Over $73 million of private investment has been made in the Park with the development of over 1,902,000 square feet of building construction completed. There are 2,284 currently employed in the Park. UPS was the first tenant to buy property in the Park in late 1986. The county sold the last lot in February 2006. Other tenants include Regis Corporation, Lifetouch National Studios, Inc., Louisville Tile, Frito-Lay, Inc., Walter Champion Company, Sterile Recoveries, Mac Papers, Kenco Group, Inc., Sexton Construction, Sears Repair Center, The Trane Company, Federal Express Corp., DHL, Matrix Separations, and Dal-Tile.
Total Number of Buildings: 2
Number of Stories: 2
Property Condition: Excellent
Year Built: 1991
Roof Type: Flat
Parking Type: Surface
Parking Description: The office has 145 "employee" parking spaces beside the office building, and 22 "visitor" parking spaces in front of the building. The warehouse has 72 parking spaces inside the fence, 60 of which include propane fueling devices (currently not used).
Total Parking Spaces: 217
Passenger Elevators: 1
Overhead Cranes: 1
Sprinklers: Dry
Amps: 1,600
Volts: 480
X-Phase: 3
Heat Type: Electricity, Natural Gas
Internet Access: Cable, DSL, Gigabit

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,692 35,839 122,330
Median Age: 39.24 40.87 39.53
Households: 2,809 15,890 51,486

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