1504 N Thorton Ave
The asset was acquired in October of 2022 in an off-market acquisition. The asset is located around the corner from the Hamilton Medical Center.
- Off-market acquisition of Surplus Corporate Real Estate.
- Unsophisticated ownership results in significant upside imbedded in the existing rent roll.
- Extended and expanded anchor tenant (Tennessee Oncology) for fifteen percent of the building before closing resulting in an increase in NOI of almost 25% and much more favorable debt terms.
- Fully leased to medical tenants.
- Located in the Chattanooga, TN submarket close to the headquarters of Chestnut Funds, SIP’s equity partner.