FOR IMMEDIATE RELEASE
CHATTANOOGA, Tenn., Dec. 9, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of CHI Memorial, a 17,837- square-foot medical office building in Chattanooga, Tennessee. The asset traded for $7.4 million, or $415 per square-foot.
“Situated on a 1.39 acre-parcel, this LEED silver certified medical office building is currently 100% occupied and triple-net-leased by three tenants, CHI Memorial, Skin Cancer & Cosmetic Dermatology, and Center MedSpa,” said Joe Massa, IPA senior managing director investments. “The property is conveniently located in the Southern Historic District on E Main St., an area with over 11,500 visitors per day and access to vibrant restaurants, small businesses, and new development.” Massa and IPA’s Anthony Lunceford and Michael Grenaway represented the seller and procured the buyer.
The CHI Memorial medical office building is approximately 4 miles from CHI Memorial Hospital, just under 2 miles from Erlanger Hospital, and 2.7 miles from Parkridge Medical Center. The area has as an average annual household income of $68,132 and a population above 130,300 within five miles of the property.
“It was a privilege to represent our seller in this transaction,” said Lunceford. “Well positioned in Chattanooga, this asset traded close to list price, at a 6% cap rate. Both parties walked away happy as the sellers capitalized on the equity that they had built since developing the property in 2014, while our buyer now owns a Class A medical asset in the growing Chattanooga market.”
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com
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Contact:
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com
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