CLEVELAND, TN—Cleveland Towne Center has traded hands with a strategic disposition that leaves its new owner with a strong future. Cole Real Estate Investments purchased the 348,599-square-foot retail strip mall in an all-cash transaction. Financial terms of the deal were not disclosed.

Atlanta-based Batson-Cook Development Co. and Warren Commercial Real Estate co-developed the asset in 2008. HFF marketed the property on behalf of the seller, Cleveland Towne Center LLC.

Jeremy Hammerton, vice president development, tells GlobeSt.com the JV sold the retail asset for several reasons. One of those reasons, he explains, was that the development loan on the project was approaching maturity.

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