New owner of Lookout Valley shopping center looks to upgrade complex

Real estate investors continue to buy into Chattanooga

Photo by Dave Flessner / Alea Properties purchased the 49,000-square-foot shopping center near the Lookout Valley Walmart for more than $7 million as outside investors continue to buy into the growing Chattanooga market. The shopping center is pictured Tuesday.

An international investment company has entered the Chattanooga market with the first of several planned acquisitions, buying a Lookout Valley shopping center for more than $7 million.

Alea Properties, which manages office, medical office, retail and industrial properties in a half dozen U.S. states and has foreign holdings in Australia and Africa, acquired nearly 10 acres and 49,000-square-foot of retail spaces near the Walmart superstore on Cummings Highway in Chattanooga.

The shopping center, which includes a Dollar Tree and 14 other shops, was built in 2005 and was previously owned by Bright-Meyers Lookout Valley Associates, a real estate partnership managed by Fletcher Bright Realtors, according to the Hamilton County Register of Deeds.

Robert Edwards, the founder and head of Alea Properties in Franklin, Tennessee, said his firm has been eager to buy into the Chattanooga market and expects to make other commercial property purchases here in the future.