2204 Encompass Drive

Chattanooga, TN 37421

Learn More About Friar’s Crossing:

About This Offering:

Greenleaf Management & Tyler Cauble are excited to present our latest flex industrial acquisition: Friar’s Flex in Chattanooga, TN! Strategically located just east of downtown Chattanooga and one mile from the airport, this single-story, shallow-bay flex park offers a quick turnaround to expand the credited tenants, sign at a longer term, and sell into the limited supply market within 3 years.

Property Highlights:

• Size: 101,035 SF on 8.8 acres

• Occupancy: 91% with near-term rollover upside

• Tenants: Volkswagen, LabCorp, Astec Industries, Tower Bank

• Hold Period: 3 Years

The Opportunity:

Partners will reposition Friar’s Flex into a fully leased, modern flex park by converting underutilized space, leasing vacancies and repositioning expiring space to market rents of $14/SF NNN. We will deploy $1.2M in targeted CAPEX & leasing costs to drive NOI from $835K to $1.1M in 3 years, creating over $3m in value that will be realized through selling prior to the 3 year mark.

The projected deal IRR for this opportunity is 24%, with an Exit Cap of 8.0%. We think it’s a winner because it’s located in a submarket with 98% flex occupancy and no new supply, and is surrounded by top employers like Volkswagen and BlueCross BlueShield.

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Investment Steps