{"id":1004035633,"date":"2012-01-05T06:08:29","date_gmt":"2012-01-05T14:08:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004035535"},"modified":"2022-12-06T14:25:06","modified_gmt":"2022-12-06T22:25:06","slug":"cole-real-estate-takes-a-piece-of-chattanooga-area-shopping-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cole-real-estate-takes-a-piece-of-chattanooga-area-shopping-center\/","title":{"rendered":"Cole Real Estate Takes a Piece of Chattanooga-Area Shopping Center"},"content":{"rendered":"<p><strong>January 5, 2012<\/strong><br \/>\n<em>By Scott Baltic, Contributing Editor<\/em><br \/>\n<a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/01\/010512-ClevelandTowneCenter-email.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/01\/010512-ClevelandTowneCenter-email.jpg\" alt=\"\" title=\"010512 - ClevelandTowneCenter email\" width=\"300\" height=\"206\" class=\"alignright size-medium wp-image-1004035537\" \/><\/a><\/p>\n<p>The Atlanta office of Holliday Fenoglio Fowler L.P. has closed the sale of approximately 153,000 square feet of the 349,000-square-foot Cleveland Towne Center in Cleveland, Tenn., the company announced Wednesday. Cleveland is in the eastern part of the two-county Chattanooga metro area, which evidently is undergoing an economic boom.<\/p>\n<p>HFF managing directors Jim Hamilton and Richard Reid led the team that marketed the property on behalf of Cleveland Towne Center L.L.C., a joint venture partnership between Batson-Cook Development Co., Atlanta, and Brentwood, Tenn.\u2013based Warren Commercial Real Estate. The buyer was Cole Real Estate Investments, Phoenix, in an all-cash transaction; the dollar amount was not disclosed. Cole-related entities own and manage more than 57 million square feet of commercial real estate in 47 states representing a combined acquisition cost of approximately $9.5 billion.<\/p>\n<p>Developed by Batson-Cook in 2008, Cleveland Towne Center is adjacent to I-75 about 25 miles northeast of Chattanooga. The portion of the center that was sold includes spaces occupied by Bed Bath &amp; Beyond, Ross Dress For Less, Michaels, Electronic Express and Books-A-Million. The center\u2019s shadow anchors are Target and Kohl\u2019s, which separately own their own boxes, together accounting for the other roughly 200,000 square feet in the center.<\/p>\n<p>The property is currently 91 percent leased, but Hamilton told <em>Commercial Property Executive<\/em> he expects that figure to hit 100 percent before too long, based on the considerable extent of economic development and job growth in Hamilton and Bradley counties.<\/p>\n<p>The biggest piece of that growth was a new $1 billion Volkswagen plant about 17 miles away that opened in May 2011 and created about 2,000 direct new jobs.<\/p>\n<p>Also in 2011 and just across the road, online retailing giant Amazon.com opened a new 1 million-square-foot distribution\/fulfillment center.<\/p>\n<p>About six miles north of the shopping center, Wacker Chemie AG, a German company, broke ground in July 2011 on a new facility to produce hyper-pure crystalline polysilicon for photovoltaic solar cells. According to Hamilton, the $1.6 billion plant will create 650 jobs.<\/p>\n<p>Adjacent to that site, chemical and ammunition maker Olin Corp. broke ground last July on a $160 million plant expansion\/upgrade of its existing chlor-alkali plant in Charleston, Tenn. The expansion will increase production at the facility, while using cleaner technology and preserving 350 existing jobs.<\/p>\n<p># # #<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cole Real Estate Investments has purchased 153,000 square feet in the Cleveland Towne Center in Tennessee from a joint venture composed of Batson-Cook Development and Warren Commercial. <\/p>\n","protected":false},"author":1201,"featured_media":1004038444,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,21742,21749],"tags":[],"class_list":["post-1004035633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-latest","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Cole Real Estate Takes a Piece of Chattanooga-Area Shopping Center - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cole-real-estate-takes-a-piece-of-chattanooga-area-shopping-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cole Real Estate Takes a Piece of Chattanooga-Area Shopping Center\" \/>\n<meta property=\"og:description\" content=\"Cole Real Estate Investments has purchased 153,000 square feet in the Cleveland Towne Center in Tennessee from a joint venture composed of Batson-Cook Development and Warren Commercial.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cole-real-estate-takes-a-piece-of-chattanooga-area-shopping-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-01-05T14:08:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-06T22:25:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/01\/010512-ClevelandTowneCenter-email.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"344\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cole-real-estate-takes-a-piece-of-chattanooga-area-shopping-center\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cole-real-estate-takes-a-piece-of-chattanooga-area-shopping-center\\\/\"},\"author\":{\"name\":\"Nicholas Ziegler\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"headline\":\"Cole Real Estate Takes a Piece of Chattanooga-Area Shopping Center\",\"datePublished\":\"2012-01-05T14:08:29+00:00\",\"dateModified\":\"2022-12-06T22:25:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cole-real-estate-takes-a-piece-of-chattanooga-area-shopping-center\\\/\"},\"wordCount\":382,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cole-real-estate-takes-a-piece-of-chattanooga-area-shopping-center\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/01\\\/010512-ClevelandTowneCenter-email.jpg\",\"articleSection\":[\"Featured\",\"Investment\",\"News\",\"Retail\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cole-real-estate-takes-a-piece-of-chattanooga-area-shopping-center\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cole-real-estate-takes-a-piece-of-chattanooga-area-shopping-center\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cole-real-estate-takes-a-piece-of-chattanooga-area-shopping-center\\\/\",\"name\":\"Cole Real Estate Takes a Piece of Chattanooga-Area Shopping Center - 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