Nashville, Tenn., March 4, 2016 – CBRE’s Capital Markets Debt & Structured Finance team of Jeff Ackemann and Porter McDonald has arranged a $24 million acquisition loan provided by Bank of North Georgia on behalf of The Simpson Organization, who recently purchased Warehouse Row from seller JAMESTOWN. In conjunction with CBRE Capital Markets’ financing efforts on behalf of The Simpson Organization, CBRE’s Paul Gaither, Tom Shafer, Mia Hill and Christopher Decouflé teamed up to represent JAMESTOWN on the sale. Furthermore, CBRE’s Drew Robinson appraised the property for the transaction, bookending a fully integrated services process.
Warehouse Row, located in the heart of downtown Chattanooga, Tenn., is a 260,000-sq.-ft. mixed-use development consisting of nine renovated urban warehouse structures originally constructed in 1904. JAMESTOWN repositioned the warehouses to include creative loft office space, upscale boutique retail and top restaurants.
A stand-out for the Chattanooga market, Warehouse Row follows the adaptive reuse trend that attracts top creative tenants and shoppers looking for an overall experience. More than 40% of shoppers at Warehouse Row are millennials, as the property sits only blocks away from approximately 12,000 college students and includes two public transportation stops. The project is nearly 90% leased.
Warehouse Row is in the center of Chattanooga’s Innovation District, a designated area that offers collaborative workspaces and business mentorships in a competitive, walkable environment, and arguably, offers the most creative use of space in all of Tennessee.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About Warehouse Row
Warehouse Row in Chattanooga, Tenn., is a collection of civil war era buildings that have been authentically restored and transformed into one of the premier design and fashion centers in the Southeast. The 260,295 square foot mixed-use development combines an urban retail concept featuring eclectic home furnishings, artisanal goods, and fashion and design boutiques, along with second floor creative lofts and upper floor office suites. Warehouse Row is conveniently located downtown, on the corner of Market and 12th Streets close to the famed Chattanooga Choo Choo and the Tennessee Aquarium. For more information, visit WarehouseRow.com and follow Warehouse Row on Facebook and Instagram.