Perimeter Properties, which owns around 120 acres of former foundry land around the new Chattanooga Lookouts stadium under construction, completed its ownership with the purchase of a 4 1/2-acre property previously owned by Motor Wheel.
The foundries district around the $115 million minor league baseball stadium, called Erlanger Park, is now close to 145 acres where the landowners and developers expect $1 billion or more in private investment to follow the stadium.
Motor Wheel, owned by Illinois-based manufacturer Hendrickson, produces drum brakes and brake adjusters at the Chattanooga facility. The company will move its operations and jobs to a building 1 mile away off Alton Park Boulevard near a FedEx facility.
Perimeter Properties announced the sale on Thursday, but did not disclose the sale price. The figure will be included in a public deed filing, said Andy Stone, a partner at the company.
Perimeter Properties, led by President Gary Chazen, purchased the 50-acre former Wheland Property site in 2002 and the 90-acre former U.S. Pipe site in 2006. Both post-industrial sites sit between South Broad Street and Interstate 24.