Chase Properties Ltd., a Beachwood, Ohio‐based owner and operator of shopping centers, announces the acquisition of Johnson City Crossing in Johnson City, Tennessee, from Ronus Properties. Johnson City Crossing is a 240,000 square foot shopping center that is anchored by Ross Dress for Less, Bed Bath & Beyond, Michaels, PetSmart, HH Gregg, Stein Mart and Old Navy. Among the other tenants in the center are Shoe Carnival, Dress Barn, Lifeway Christian and Rugged Wearhouse. David Webb with Berkeley Capital Advisors brokered the sale.
Johnson City is part of the tri‐cities region of Northeastern Tennessee. The Tri‐Cities combined MSA population is the fifth largest in Tennessee, with approximately 500,000 residents. The shopping center is located on State of Franklin Road, the primary retail corridor in Johnson City, which serves a wide trade area in eastern Tennessee. Other nearby tenants include Super Walmart, Home Depot, Kohl’s, Lowes and Best Buy.
Johnson City Crossing is Chase Properties’ first acquisition in North Carolina, as the company continues to focus on acquiring high quality shopping centers in secondary and tertiary markets. According to Andy Kline, Chase Properties’ Principal and Managing Director, “Johnson City Crossing is a strong addition to our portfolio of well‐located, high quality properties in secondary and tertiary markets. We are excited to expand our geographic footprint into Tennessee through the acquisition of this dominant shopping center.”
Chase Properties is a full service owner and operator of shopping centers located in 15 States throughout the Midwest, Southern and Eastern U.S. The company was founded in 1973. Currently, Chase Properties owns and manages 26 shopping centers comprised of over 5.5 million square feet.
Inquiries should be sent to Andy Kline, Principal & Managing Director, Chase Properties LTD,
(216) 464‐6626, akline@chaseprop.com.
