CHATTANOOGA, Tenn.--(BUSINESS WIRE)--HUTTON, a Chattanooga-based commercial real estate, development and investment company, today announced that it has closed on the sale of a high-quality, diversified single tenant retail portfolio for $34.4 million. The portfolio consisted of 19 properties in 13 states net leased to industry-leading national tenants.
The company will utilize the proceeds from the sale to fund the expansion of its multifamily and self-storage development programs, as well as the company’s investment acquisition activities in 2020.
“It is extremely exciting to close out a strong year with this substantial portfolio sale, while also launching and growing our multifamily and self-storage divisions,” said Karen J. Hutton, President and Chief Executive Officer of HUTTON. “We are kicking off 2020 and our next wave of investments with a lot of flexibility and I am proud of what the HUTTON team has accomplished. We’re looking forward to continuing to exceed our clients’ expectations and pushing the limits each year.”
For more information about HUTTON, please visit http://hutton.build/.
HUTTON is a fully integrated commercial real estate, development and investment company primarily focused on developing, acquiring, managing and constructing single tenant, shopping center, multi-family and self-storage properties across the United States. In addition to acquiring and developing properties for its stabilized portfolio of over 200 assets, HUTTON also provides capital investments and asset management services to its third-party clients. Over the past 21 years, HUTTON has completed 1,100 projects for 100s of retailers across 40 states. For more information, please visit http://hutton.build/, LinkedIn, Facebook, Twitter and Instagram.