One of the Chattanooga area's oldest shopping centers is on the market, and much of the property is included within the East Ridge Border Region incentive area.
The Osborne Shopping Center on Ringgold Road in East Ridge includes more than 12 acres, about 140,000 square feet and five buildings, including an anchor store that formerly held a Food City, according to Katie Ashley of RE/MAX Renaissance Realtors.
The list price of $15.5 million also includes about 475 parking spaces and some 2,200 feet of road frontage, according to the commercial real estate broker. She says Ringgold Road has an annual average daily traffic count of 21,000 vehicles.
The shopping center traces its history back to 1950 with multiple restaurants, fitness centers, offices and other businesses, the broker says. The location is blocks away from the East Ridge tunnel under Missionary Ridge with quick access to downtown Chattanooga.
The Border Region incentive allows the city to recapture the growth in sales tax collections within the zone and then plow those funds back into repaying investments in the area. But the former Food City building and outparcel and parking lot are not located in the zone, according to the broker.
Last year, Food City moved across Ringgold Road to open a new and expanded supermarket that added a Gas 'N Go fuel station, a food cafe, a credit union office, and a broader offering of produce and grocery items.
ABOUT THE SITE
* Location: Ringgold Road in East Ridge
* Property: Neighborhood center
* List Price: $15.5 million
* Size: About 140,000 square feet
* For more information: Katie Ashley of RE/MAX Renaissance Realtors