Two North Shore, a North Chattanooga shopping center anchored by Whole Foods supermarket and Rock/Creek, a local outdoors outfitter, has a new owner: Fairway, a Birmingham, Ala.-based real estate investment and management company that prides itself on doing things “the fair way.”
Fairway paid $28 million to buy three parcels that comprise the shopping center at 301 Manufacturers Rd., which has businesses that offer wine, high-end bicycles and yoga instruction. The complex was previously owned by Stoltz, a real estate business headquartered in Bala Cynwyd, Penn., near Philadelphia. Stoltz bought Two North Shore in 2014 for $24 million, according to Hamilton County property records.
The $4 million jump in the sales price in just two years for the lifestyle-themed shopping center doesn’t surprise a Chattanooga commercial real estate expert.
“It’s one more example of how favorable Chattanooga is in the investment scene,” said Jeff Jennings, a broker at NAI Charter Real Estate Corp. in Chattanooga. “A lot of out-of-town money is looking at Chattanooga.”
“That property does command high rents per square foot, higher than anything else in that area,” Jennings said. “It’s a very unique product. It’s got two very strong anchors.”