A Chattanooga real estate development and investment company has sold 59 retail centers for $185.8 million to help the firm invest nearly twice as much in properties this year.
Hutton, the development firm that Karen J. Hutton has built over the past two decades, completed its biggest sale in the company's history this week with the sale of retail properties in 14 states that housed industry leading national tenants, including O'Reilly Auto Parts, Walmart Neighborhood Market, Family Dollar and Dollar General.
Utilizing the proceeds from its portfolio sale, Hutton anticipates it will invest in properties totaling over $350 million in project costs in 2018. The 2018 spending plans are up from the nearly $340 million in project costs originated by Hutton in 2017.
"This is a fantastic achievement for the Hutton Team and demonstrates the value we create for our clients, investors and the communities we help support," Karen Hutton, president and chief executive of Hutton, said in an announcement of the sale. "The proceeds from this sale will allow us to continue our tremendous pace of execution and further solidify our exciting and growing company."
Hutton is a Pulaski, Tenn., native, and a graduate of the the University of Alabama who worked for her father's construction company for five years, before leaving to start her own business in the mid-1990s.
Hutton has capitalized on winning development contracts with national commercial customers like O'Reilly Auto Parts, Dollar General and Wal-Mart.
Hutton acquires, develops and builds shopping center retail properties across the United States and also provides capital investment, development, construction and asset management services to its third-party clients.
Over the past 20 years Hutton has completed over 1,000 projects for more than 50 retailers across 40 states.
Terms of the sale and the buyer of the properties were not released.
Contact Dave Flessner at dflessner@timesfreepress.com or at 423-757-6340.