Chattanooga office building fetches $18.1 million

California-based investors have purchased an office building in Chattanooga, Tenn., that is fully leased by phone company T-Mobile USA Inc. Los Angeles-based Tennessee Office Properties LLC, paid $18.1 million for the 78,921 sq. ft. structure and the 11.9 acres site.

Scott Tiano, Geoff Tranchina and Jereme Snyder of Sperry Van Ness represented the buyer. The seller was Atlanta-based HEG Chattanooga LLC, which was represented in negotiations by Robert Levin, also of Sperry Van Ness.

The purchased property at 6730 Customer Delight Drive in Chattanooga serves as a customer service center for T-Mobile. The tenant’s lease extends over the next 15 years. The buyers had a 1033 exchange requirement stemming from the loss of a commercial property ravaged by hurricane Katrina in 2005, according to Sperry Van Ness.

Sperry Van Ness has more than 900 advisors serving clients in more than 150 offices both in and outside the United States. Based in Irvine, Calif., the firm provides brokerage, consultation, asset management, property management, leasing, accelerated marketing, and auction services.

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source: nreionline.com