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CHATTANOOGA, TN—Hutton, a locally-based commercial real estate, development and investment company, has closed on the sale of a single tenant retail portfolio for $34.4 million. The portfolio consists of 19 properties in 13 states net leased to national tenants.
The company will use the proceeds to expand its multifamily and self-storage development programs, as well as fund 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 CEO Karen J. Hutton, in prepared remarks.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
