A high-profile corner in Chattanooga is seeing a lot of activity with a Nashville company buying a commercial complex and a convenience store chain purchasing a nearby tract for a new fuel center.
Excelsior Capital, a real estate private equity group in Nashville, paid $8.47 million for nearly 100,000 square feet in commercial space on Encompass Drive near the Highway 153 and Shallowford Road intersection, records show.
Also, convenience store chain Mapco has purchased a nearby parcel on Shallowford Road for $2.2 million where it plans to put up a new location.
William George, Excelsior’s vice president of investments and asset management, said its purchase of the Friar’s Crossing space is the firm’s first foray into the Chattanooga market.
Avenger Logistics is one of the key tenants in the complex, which faces Highway 153 and is 92.5% occupied, he said.