PROPERTY INVESTMENT GROUP DOUBLES DOWN ON MARKET STREET WITH THE PURCHASE OF WAREHOUSE ROW
CHATTANOOGA, Tenn. (Jan. 22, 2016) — Atlanta-based property owner and management group The Simpson Organization has purchased historic Warehouse Row, a revitalized mixed-use property in downtown Chattanooga. The Simpson Organization entered the Chattanooga market in 2007 with the purchase of the SunTrust Building at 736 Market St. just months after Atlanta-based real estate investment and management company Jamestown began a $20 million transformation of the century old Warehouse Row buildings at 1110 Market St. In the last month The Simpson Organization doubled down on its investment in Chattanooga with both the purchase of Warehouse Row and groundbreaking for a long-anticipated apartment and retail complex at 728 Market St.
“Warehouse Row is at the heart of Chattanooga’s urban live, work and play lifestyle and is a tremendous asset to both the city and our company,” said A. Boyd Simpson, president of The Simpson Organization. “The community of office tenants and expertly curated retail, restaurant and service businesses adds value to the downtown experience. We will continue to build on that and look forward to sharing it with a new group of in-town residents at 728 Market.”
Over the last decade Warehouse Row has returned to a place of prominence among Chattanooga’s mixed-use retail and business concepts and become a leading urban shopping destination in the Southeast. The restored 19th century buildings house an eclectic mix of retail and dining establishments, including national retailers J.Crew and Anthropologie— the first premier national retailers to move into Chattanooga’s downtown retail corridor in decades. A third national retailer, Lululemon Athletica, opened late last year. The national retail renaissance is a complement to Warehouse Row’s established mix of stores representing the best independent retail in the Southeast.
Warehouse Row’s nine buildings consist of 260,295 square feet of street-level restaurants and upscale boutique retail as well as upper-level creative lofts and office suites. The mixed-use Warehouse Row property is well occupied by long-term tenants like Public House, REVIVAL, Amanda Pinson Jewelry and Embellish whose early presence supported the property’s transformative growth, along with recent retail and restaurant additions including Woodhouse Day Spa, Two Ten Jack, Onward Reserve, J.Crew, Anthropologie and Lululemon Athletica. Office tenants including Bellhops, Barge Waggoner Sumner and Cannon and Stantec have also expanded. Simpson said long-time Warehouse Row Property Manager Jen Mingola and her team will provide oversight and continuity at the property.
The Simpson Organization’s 728 Market development will include 125 apartments, 21,000 square feet of commercial space and 21,000 square feet of ground-floor retail/restaurant space. The 10-story project will include on-site parking connected to the current parking garage in the SunTrust Building. It is expected to open in summer of 2017. The two new Chattanooga assets are the latest additions to The Simpson Company’s portfolio of more than 90 properties comprising over five million commercial square feet of leasable space.
For more information, visit The Simpson Organization.
About The Simpson Organization
The Simpson Organization, Inc. ("TSO") is a closely-held real estate investment banking firm, which was founded in the midst of the down-spiral of the real estate cycle of the late 1980's by A. Boyd Simpson. The company began as a real estate advisor providing real estate consulting services to institutions. Today TSO invests capital with other investors in assets for its own account. Over the last twenty years Mr. Simpson has nurtured and grown the organization into the full-service real estate company with more than 90 assets and nearly five million commercial square feet of leasable space.
Posted on January 22, 2016
by Warehouse Row