2273-2275 Gunbarrel Road | Chattanooga, TN 37421
Many National Shadow-Anchor Tenants Nearby
Walmart, Lowe’s Home Improvement, The Home Depot, HomeGoods, Michael’s, TJ Maxx, Academy Sports + Outdoors, Dick’s Sporting Goods, Marshalls, Old Navy, Ulta Beauty, Petsmart and Best Buy.
In the heart of a strong retail node in Chattanooga, with little vacancy, strong traffic and retail demand drivers.
Long History with Anchor Tenant: Prior rent reduction and recent 5-year lease extension through 2028 support optimism that the tenant is thriving at this location. Office Depot benefited from the “stay at home, school at home, work from home” trade. This store is already right-sized economically and right-sized physically. The competing Staples store, which was previously located directly behind Office Depot, has closed permanently.
Office Depot Ranked #1 Store: Gunbarrel Place is home to the No. 1 Office Depot store in Tennessee (out of 15), ranked by total annual visits. (Creditntell).
Overall Good Fundamentals: healthy submarket, solid Sunbelt location – 3.2M SF anchored by 1.3M SF Hamilton Place Mall.
Volunteer State Advantage: Chattanooga and the I-75 corridor in southeast Tennessee has solid population and employment growth in well-paying industries; most notably the ten-year-old, 1,400-acre Volkswagon Plant in Chattanooga, which directly employs over 3,200 people and indirectly employs over 9,500 suppliers, and is the only LEED Platinum Certified Auto Plant in the world.
Conservative rents bode well for sustained performance and future upside. Subject rents average $15.50 psf NNN.