Hickory Grove is a well-located power center in Cleveland, TN (Chattanooga MSA). Lowe’s Home Improvement sits on approximately a 12.93 Acre Ground Lease with a 114,000 square foot building. The balance of the center, an additional 18.23 acres with another 122,709 square feet of retail, is anchored by Aldi Foods, Petco and Goodwill. Collectively, the 236,709 square foot center sits on approximately 31.15 acres, adjacent to a Wal-mart super center along the primary retail corridor on Paul Huff Parkway.
A tenant of the center since 2010, Aldi recently expanded and relocated in the property with their new prototype. Petco and Goodwill have offered additional stability as anchors in the center since 1999 and 2009 respectively. Another tenant, Eller & Owens Furniture, has also expressed interest in expanding in the center with interest in a portion of the vacancy that served as the original Aldi location. Lowe’s recently received committee approval to extend their Ground Lease an additional 10 years, providing further stability to the center. Currently, the center is at 70% occupancy, allowing for some good upside for an investor.
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