Agents Completed the Deal Through a 1031 Exchange

 

Chattanooga, TN— Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, recently brokered the sale of a shopping center for $10.75 million located at 5380 Highway 153, Hixson, TN. Associate Vice President  Keegan Mulcahy and Associate Gerard Hamas represented the buyer in the transaction.

 

Matthews™ represented the buyer in the sale of their downleg months prior, completing their 1031 Exchange. The client was motivated to expand its retail portfolio while increasing cash flow in a larger asset. Furthermore, the client was attracted to the growth of Hixson and the increased demand for the state of Tennessee.

 

“We are pleased to have successfully represented our client in achieving their portfolio goals through a 1031 Exchange,” said Mulcahy. “Our client was able to exchange out of high-risk, short lease term single-tenant property into a stabilized multi-tenant asset in a high growth market.”

 

Located off Highway 153, the 96,000-square-foot shopping center is anchored by Gabe’s Department Store, and is surrounded by strong neighboring centers with anchor tenants such as Lowe’s, Home Depot, Hobby Lobby, Aldi, Belk, Old Navy, T.J. Maxx, and many more. Hixson is a growing suburb of Chattanooga, a city that is currently experiencing substantial population growth. The Chattanooga metropolitan area holds north of 565,000 residents.

 

“The strong tenant mix of the subject property combined with the retail synergy of the entire corridor made this a prime investment opportunity for our client,” said Hamas.

 

For more information, or to contact  Keegan Mulcahy and Gerard Hamas, please visit www.matthews.com.

 

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Founded in El Segundo, CA, and strategically positioned with over 400 agents and support staff in over 14 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.