REIT Shares a Coke with Marcus & Millichap
- Oct 19, 2015
Coca-Cola Refreshments, a wholly owned subsidiary of The Coca-Cola Co., recently sold a portfolio of three industrial buildings located on two properties in Chattanooga, approximately six miles from the Chattanooga Airport and five miles from I-24.
According to an official statement announcing the deal, the portfolio sold for $21.16 million to an unnamed public real estate investment trust. Both the seller and the buyer were represented in the transaction by Sam Hanna, vice president investments in Marcus & Millichap’s San Diego office, Anne Williams, senior associate in the firm’s Memphis office and Marcus & Millichap’s broker of record in Tennessee.
Comprising a combined 645,000 square feet of rentable space on the site of the world’s first Coca-Cola bottling company, the properties are located at 1100 Wisdom St.—which includes two buildings—and 1800 Crutchfield St. PropertyShark data indicates that the 345,000-square-foot assets on Wisdom Street were built in 1998 and were last sold in April 1999 for an unknown amount, while the property’s current market value is estimated at $7.85 million.
Both properties carry recent, five-year triple-net lease terms with renewal options for an additional five-year term.