Holliday Fenoglio Fowler, L.P. (HFF) announces the $18.5 million sale of Snow Hill Village, an 86,108-square-foot community shopping center anchored by Publix in the Chattanooga-area community of Ooltewah, Tennessee.
The HFF team marketed the property on behalf of the seller, Six Pines Realty. Publix purchased the asset free and clear of debt.
Snow Hill Village is anchored by a high-performing Publix, a privately-owned Fortune 100 company with 2017 sales of $34.6 billion. Completed in 2008, the 95-percent-leased center is also home to Beef O’Bradys, Edward Jones, H&R Block, the UPS Store, Dr. Hammontree, Ooltewah Vision Center, Unique Nails, Marco’s Pizza, Sun Trust Bank, Open Spigot Liquor and Great Clips. Snow Hill Village is located at 5958 Snow Hill Road in Ooltewah about 17 miles east of downtown Chattanooga on the “going home” side of the street. Adjacent to Interstate 75, the property is exposed to more than 71,000 vehicles a day, and more than 22,500 residents earning an average annual household income of $95,048 live within a three-mile radius of the property.
The HFF investment advisory team representing the seller included senior managing director Jim Hamilton, director Mike Allison and analyst Andrew Kahn.
About Six Pines Realty
Southeast U.S. Retail Fund, L.P. was formed in July of 1995 in the state of Tennessee. The partners are:
- The AFT Tennessee Trust – 48.5% (0.5% interest as General Partner)
- The WJP Tennessee Trust – 48.5% (0.5% interest as General Partner)
- The RGG Tennessee Trust – 3.0%
Southeast U.S. Retail Fund, L.P. was formed in order to facilitate the ownership of various shopping centers in the state of Tennessee. While a separate company for the purposes of ownership interest, Southeast U.S. Retail Fund, L.P. shares its core ownership as well as its management team with Six Pines Realty, L.C. Six Pines Realty, L.C., has invested in and managed numerous commercial real estate investments. At its peak, the company owned 1,814,406 square feet of commercial real estate, most of which consisted of grocery anchored retail centers. Common grocery anchors in centers owned by the company included Publix, Tom Thumb and Kroger. In 2007 the company sold most of their real estate investments to Inland American Real Estate Trust, Inc.
Current Six Pines Realty, L.C. properties:
- 357,556 square feet of grocery anchored retail space
- 38,000 square feet of NNN investments
- Three multifamily projects in leasing
- Three multifamily development projects
Current Management Team:
- Ronald G. Gentzler has been involved in commercial real estate since 1994. Ronald has managed the commercial, multifamily, NNN and lot development investments for Six Pines Realty, L.C., since its creation.
- Phillip Chadis, responsible for the day to day operations of the various real estate investments, has 19 years of experience in commercial real estate.
About Publix
Publix is privately owned and operated by its 190,000+ employees, with 2017 sales of $34.6 billion. Currently Publix has 1,194 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina, and Virginia. The company has been named one of Fortune’s “100 Best Companies to Work For in America” for 21 consecutive years. In addition, Publix’s dedication to superior quality and customer service is recognized among the top in the grocery business. For more information, visit the company’s website,http://corporate.publix.com.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
