Catylist ID:
#30164245
Lee Pointe - 6397 Lee Hwy.
Office
for Sale
Sale Pending/Contingent
| Catylist Listing ID: | 30164245 |
| Property Subtypes: | Office Building |
| Status: | Pending/Contingent |
| Building Size (RSF): | 57,614 SF |
| Gross Building Area: | 61,285 SF |
| Gross Land Area: | 3.01 Acres |
| Sale Price: | $12,995,000 |
| Unit Price: | $225.55 PSF |
| Property Use Type: | Investment |
| Building Name: | Lee Pointe - 6397 Lee Hwy. |
| Class of Space: | Class A |
| Sale Terms: | Cash to Seller |
| Cap Rate: | 7.33% |
| Last Updated: | 2/10/2019 |
Overview / Comments
|
Well Positioned 3 Story Office Building - New Construction. Strong Tenant lineup with Two Regional Tenants, Miller Motte Technical College and Benchmark Rehab Partners Corporate Offices. Each have over 7 years remaining on their lease terms. Strategically located in Chattanooga TN at the intersection of Hwy. 153 and Lee Hwy. (Hwy. 64) less than one mile from I-75. Lee Pointe is easily accessible from around the Chattanooga MSA. Annual Rent Increases for Miller Motte and Benchmark. Floor plates less than 20,000 SF idea for future re-leasing. Building is 96.6% occupied with one (1) available suite on the 3rd floor of the building. Existing Non-Recourse 4.5% Loan is Assumable for a 1% Fee. Prospective purchasers are advised that as part of the solicitation process, seller will be evaluating a number of factors including the current financial qualifications of the prospective purchaser. Prospective purchasers are further advised that the seller expressly reserves the right, in its sole and absolute discretion, to evaluate the terms and conditions of any offer and to reject any offer without providing a reason therefore. Further, Seller reserves the right to terminate the solicitation process at any time prior to final execution of the Purchase Agreement. The information contained herein is furnished solely for the purpose of a review by a prospective purchaser of the Property, and is not to be used for any other purpose or made available to any other person without the express written consent of the Seller or Advisor. Prospective purchasers should also conduct their own due diligence, including, but not limited to, engineering and environmental inspections, to determine the condition of the Property and the existence of any potentially hazardous material located at the Property or used in the construction or maintenance of the building(s) at the Property. A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Advisor or any of their affiliates or any of their respective officers, directors, shareholders, owners, employees or agents, for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. Prospective purchasers are not to construe the contents of the Offering Memorandum or any prior or subsequent communications from Seller or Advisor or their affiliates or any of their respective officers, directors, shareholders, owners, employees or agents as legal, financial, tax or other advice. Prior to submitting an offer, prospective purchasers should consult with their own business advisors, legal counsel and tax professionals to determine the consequences of an investment in the Property and arrive at an independent evaluation of such investment. |
Attachments & Media
Financials
| Finance Data Year | 2018 |
|---|---|
| Real Estate Taxes - Annual($) | $178,137 (Annual) |
| Potential Rental Income | $1,207,619 (Annual) |
| Gross Operating Income | $1,207,619 (Annual) |
| Net Operating Income | $906,928 (Annual) |
| Actual or Proforma Year | Actual |
| Lender Name | Country Life Insurance Company |
| Loan Amount | $8,700,000 |
| Annual Debt Service | $607,838 (Annual) |
| Interest Rate (APR) | 4.50 |
| Loan Due Date | 6/2030 |
| Amortization Period | 120 months |
Current Tenants
| Tenant Business Name | Piedmont Business Colleges, Inc./ Miller-Motte Technical College |
| Website URL | www.miller-motte.edu |
| Is Renting? | Yes |
| Suite Number | 100 |
| SF of Space Occupied | 19,054 SF |
| Lease Expiration | 12/2024 |
| Escalations | 2% Annual Increase in Base Rent. |
| Tenant Notes | Founded in 1916, Miller-Motte operates under the name Miller-Motte College and Miller-Motte Technical College. The college has 17 locations in Georgia, North Carolina, South Carolina, Tennessee and Virginia and offers several courses through their online programs. After expanding to several campuses throughout the 1900’s, Miller-Motte joined Delta Educational Systems, Inc (now Delta Career Education Corporation) in 1998. The college continues to expand to new locations and add additional programs to meet the needs of the changing workplace. Miller-Motte is accredited by the Accrediting Council for Independent Colleges and Schools and are in the process of changing their accreditation to the Accrediting Council for Continuing Education and Training. For more information on this company, please visit www.miller-motte. Edu |
| Tenant Business Name | Piedmont Business Colleges, Inc./ Miller-Motte Technical College |
| Website URL | www.miller-motte.edu |
| Suite Number | 200 |
| SF of Space Occupied | 19,281 SF |
| Lease Expiration | 12/2024 |
| Escalations | 2% Annual Increase in Base Rent. |
| Tenant Notes | Founded in 1916, Miller-Motte operates under the name Miller-Motte College and Miller-Motte Technical College. The college has 17 locations in Georgia, North Carolina, South Carolina, Tennessee and Virginia and offers several courses through their online programs. After expanding to several campuses throughout the 1900’s, Miller-Motte joined Delta Educational Systems, Inc (now Delta Career Education Corporation) in 1998. The college continues to expand to new locations and add additional programs to meet the needs of the changing workplace. Miller-Motte is accredited by the Accrediting Council for Independent Colleges and Schools and are in the process of changing their accreditation to the Accrediting Council for Continuing Education and Training. For more information on this company, please visit www.miller-motte. Edu |
| Tenant Business Name | Benchmark Rehabilitation Partners, LLC. |
| Website URL | www.bmrp.com |
| Is Renting? | Yes |
| Suite Number | 300 |
| SF of Space Occupied | 17,337 SF |
| Lease Expiration | 7/2024 |
| Escalations | 2% Annual Increase in Base Rent. |
| Tenant Notes | Established in 1995, BenchMark Rehab Partners is a leading outpatient physical rehabilitation provider with superior expertise in diagnosing individual needs to comprehensively target the issue and treat each patient. While they operate under 7 different brand names, BenchMark Partners are all guided by a common approach in supporting patients, physical therapists, occupational therapists, hand therapists and health care providers. BenchMark operates over 300 clinics in 15 states throughout the Southeast, Northwest and Midwest United States. For more information on this company, please visit bmrp.com |
| Tenant Business Name | Vacant Space (3rd Floor) |
| Suite Number | 301 |
| SF of Space Occupied | 1,942 SF |
Additional Details
| Nearest MSA: | Chattanooga |
| County: | Hamilton |
| Taxing Authority: | Hamilton County |
| Tax ID/APN: | 033148K A 00400P000 |
| Zoning: | C-2 |
| Highway Access: | Hwy. 153 & Lee Hwy. Interstate I-75 |
| Airports: | Chattanooga Airport |
| Site Description: | Strategically located at the intersection of Hwy. 153 and Lee Hwy. (Hwy. 64) less than one mile from I-75. Lee Pointe is easily accessible from around the Chattanooga MSA. |
| Area Description: | Chattanooga MSA Population over 550,000 / 2nd highest MSA Growth Rate in Tennessee. Not State Income Tax in Tennessee. Chattanooga is home to Volkswagen's only North American Assembly Plant and to an Amazon Distribution Facility. |
| Total Number of Buildings: | 1 |
| Number of Stories: | 3 |
| Typical SF / Floor: | 19,205 SF |
| Year Built: | 2014 |
| Construction/Siding: | Brick, Concrete - Tilt up |
| Exterior Description: | Brick Exterior Cladding which is pierced on all elevations by banks of fixed pane windows set in concrete sills. Exterior doors are aluminum with fixed pain lights. |
| Parking Type: | Surface |
| Parking Description: | Street Level Parking lot and Drive areas are asphalt paving. The property includes 211 total parking spaces with additional parking available on adjacent parcels in the Development through a Construction, Operating and Reciprocal Easement (CORE) Agreement. |
| Total Parking Spaces: | 211 |
| Passenger Elevators: | 2 |
| Sprinklers: | Wet |
| Air Conditioning: | Engineered System |
| Internet Access: | Gigabit |
| Zoning Description: | C-2 |
| Part of Planned Development?: | Yes |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
| Land Ownership: | Fee Simple |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 6,741 | 50,718 | 137,081 |
| Median Age: | 36.9 | 39.55 | 39.51 |
| Households: | 3,201 | 22,607 | 57,392 |
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