Southeast real estate development group Urban Story Ventures has acquired the Arcade Beauty’s manufacturing site at 3800 Amnicola Highway. The off-market purchase was completed in the final days of 2023, after months of negotiations and preparing arrangements.
New York-based distributor Arcade Beauty announced plans last summer to consolidate its Chattanooga operations with its New Jersey production sites and recently announced in December that it would move its lab and sludge operations to 7026 Discovery Dr. in Chattanooga.
Officials said, “The Arcade Beauty property is a fitting addition to Urban Story Venture’s portfolio, which already includes north of 1 million square feet of industrial space located throughout Chattanooga. The commercial real estate developer sees the new addition as a prime economic development opportunity for Chattanooga.
“Jimmy White, president and general partner of Urban Story Ventures, aims to reposition the site as an ideal selection for production or other commercial tenants looking to relocate or expand. By revitalizing and modernizing the property, Urban Story Ventures plans to meet the desires of commercial tenants seeking flexibility. Space in a convenient and strategic location. Some of the potential industries include logistics, pharmaceuticals, food and beverage, and e-commerce.
Mr. White said, “This is the perfect example of the value-add projects we take on, where we improve upon the strengths and reimagine the rest for the highest and best use. It’s an amazing facility with solid existing features, and we have the rare opportunity to develop additional space in one of the strongest industrial corridors in a market with an extremely low vacancy rate of about one percent.”
He said the site includes two immaculate, move-in constructions totaling 169,000 square feet and includes 9. 8 acres of undeveloped land that is in a production zoned position and is conveniently located near a traffic light. The main building measures 130,000 square feet and includes air-conditioned spaces and chimney suppression. At the time of construction, it has approximately 40,000 square feet of flexible working and commercial space. The assets have sufficient parking and can accommodate one or more tenants.
Urban Story Ventures has owned, invested in, and managed retail space in the market since 2014, when Mr. White purchased the Aerisyn building, which is now part of the commercial aspect of the Bend redevelopment, on the downtown riverfront. Employers Urban Story Ventures has hired include Novonix, Lincoln Electric, HEF USA, and Micronics.
Officials said the developer’s “extensive local expertise and vision for a strong commercial market over the next decade were critical points for distributor Arcade Beauty, which really offers a number of interesting offerings. “
“Jimmy and his team seemed to be the right person. They were local, had a strong background in the industry, and it was heartwarming to see the new vision and power of our site,” said Jorge Garcia, Executive Vice President and Chief Financial Officer of Arcade Beauty. a 121-year-old manufacturer that operated in the Chattanooga Industrial Corridor on the Amnicola Expressway from 2010 to 2023.
White said he “sees an exciting long-term future for the former Arcade Beauty site. Depending on the desires of the new tenants moving in, we may end up supporting a lot of new jobs in the market. “Get to work recruiting one of Chattanooga’s next big employers.
Urban Story Ventures has already begun the process of drawing up plans for the sequel, but will act as owner and asset manager for the Arcade Beauty team in the company’s transition over the next few months.
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Southeast real estate progression group, Urban Story Ventures, has acquired Arcade Beauty’s production facility located at 3800 Amnicola Highway. The off-market acquisition was finalized in the last few days. . . more