Update 6/13/16 – The joint venture between Reliant Self Storage and Ziff Properties is moving forward with its purchase of the Mountain Creek Village Shopping Center for more than $1.5 million. The conversion project is estimated at nearly $6 million, according to the source. The developers intend to begin development on the 5-acre lot within the next six months and expect the project to be complete in about eight months.
The retail center is being acquired from Mountain Creek Village LLC of Virginia. The main anchor to the center was a Food Lion store, but the center closed in 2012 after the grocery retailer stopped operating in Chattanooga, the source reported.
"We saw the opportunity to not only provide storage but clean up that shopping center," Chamblee said. "It was in pretty sad shape."
The current configuration of the retail center is about 56,000 square feet. A restaurant still operating in the center plans to relocate, according to the source.
6/7/16 – A joint venture between Reliant Self Storage and Ziff Properties Inc. intends to acquire the Mountain Creek Village Shopping Center in Chattanooga, Tenn., and convert it to self-storage. The facility will comprise 81,728 square feet in 718 units. Plans include outdoor storage for boats and RVs, a two-story office, and facility-manager’s residence, according to the source.
“We see heavy potential for this property and look forward to seeing our extensive redevelopment plans come to life,” Christian Chamblee, chief operating officer for Ziff Properties, told the source. “We are excited to provide a first-class storage facility for the Chattanooga community.”
Ziff Properties, which specializes in shopping centers and other multi-tenant commercial real estate, owns approximately $250 million in shopping centers throughout the Southeast. Since 1991, the company has purchased more than 5.1 million square feet of light-industrial, office, retail and storage properties, according to its website. It has assets in Florida, Georgia, Indiana, North Carolina, South Carolina, Tennessee and Virginia. The purchase of the Mountain Creek Village center at 816 Mountain Creed Road marks the firm’s third commercial-property purchase in Chattanooga in the last 18 months, according to the source.
- The Chattanoogan: Ziff Properties Plans Self-Storage Conversion
- Times Free Press: Old Food Lion on Mountain Creek Road to Be Turned Into $6 Million Self-Storage Space
- Ziff Properties: Website