Cleveland Corners — Sale in Cleveland, TN

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Retail Business
  • Location: Cleveland, TN 37311
  • Year built: 1969

Photos

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Investment Figures

Cap rate
7.85%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

CLEVELAND CORNERS | CLEVELAND, TN (CHATTANOOGA MSA) • Cleveland Corners is a 97,005 SF fully leased retail center located in Cleveland, TN, a Chattanooga MSA suburb • Featuring 62% credit tenancy and proven long-term operators with an average tenant tenure of 18+ years • Offering significant Mark-to-Market upside with 90% of the center paying below market rents • Limited surrounding retail competition with low vacancy rates • Average in place shop tenant rents trade 38% below market asking VETERAN TENANT MIX | PROVEN OPERATORS • 62% credit tenancy made up of strong national and regional retailers, including Big Lots (Top performing location, 50yr+ occupancy), Crunch Fitness (New 10-Yr Lease), Dollar Tree, and Regions Bank (50yr+ occupancy) • Recent leasing momentum highlighted by new 10 year Crunch Fitness lease, demonstrating tenant demand for big-box space here • Tenants have decades of proven performance at the center, boasting an average tenant tenure of 18+ years with two tenants operating here for 50+ years (Big Lots & Regions Bank) • Cleveland Corners is a top-performing strip center in Tennessee and has excellent Placer.ai rankings for multiple tenants: • Big Lots: Top 1% statewide | Top 14% nationally • Speedy Cash: Top 1% statewide • Regions Bank: Top 11% statewide | top 8% nationally • Dollar Tree: Top 41% statewide • Checkers OP: Top 15% statewide | top 15% nationally MARKET RENTS • 90%+ of the center is paying below market rents • Embedded upside with underpaying box tenants in the current rent roll • Big Lots anchor (26% of GLA) is a top performer at this location, paying $5.63 PSF • Home Expo (13,000 SF) paying $5.10 PSF • Dollar Tree (12,000 SF) paying $8.50 PSF • New Crunch (21% of GLA) lease was done at $11.50, validating future upside for the larger boxes in this center • Avg in-place rent of shop tenants is $10.16 - 38% below 1-mile market asking rents of 16.33 (Costar) • Checkers outparcel is a long-term tenant paying low rent of $36K, providing

Market Context

This retail in Cleveland, TN is listed for sale. It is offered at an approximate 7.8% capitalization rate, a key benchmark for income-producing retail assets. The building dates to 1969. Compare it against other retail listings for sale in Cleveland, TN — view the full market.

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