Matthews Real Estate Investment Services™ recently brokered the sale of a shopping center for $10.75 million at 5380 Highway 153 in Hixson, Tennessee.
Senior associate Keegan Mulcahy and associate Gerard Hamas represented the buyer in the transaction.
Matthews™ represented the buyer in the sale of its downleg months prior, completing its 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.
Located off Highway 153, the 96,000-square-foot shopping center is anchored by Gabe’s Department Store, and is surrounded by 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.
