Hutton Co. Inc., a Chattanooga, Tenn.-based commercial real estate, development and investment firm, is set to begin its first two self-storage developments early next year. The company launched its self-storage division in 2019 and will use proceeds from the recent sale of a retail portfolio to fund its multi-family and self-storage interests, along with other investment activity, according to the source.
The company intends to seek self-storage acquisition and development opportunities nationwide, building facilities for other owners and operating its own assets, Aaron Breeden, vice president, told the source. “Due to the long-term fundamentals and positive economic outlook for the self-storage market, [the industry] has been on the company’s radar for quite some time,” Breeden said. “We’re looking forward to taking decades of experience in build-to-suit development as well as shopping-center development into the self-storage sector.”
The diversified, single-tenant portfolio used to fund the company’s foray into self-storage comprised 19 properties in 13 states. It sold in December for $34.4 million. “It is extremely exciting to close out a strong year with this substantial portfolio sale, while also launching and growing our multi-family and self-storage divisions,” said Karen J. Hutton, president and CEO. “We are kicking off 2020 and our next wave of investments with a lot of flexibility.”
Founded in 1998, Hutton specializes in the acquisition, development and management of multi-family, retail-center, self-storage and single-tenant properties. Its stabilized portfolio comprises more than 200 assets. In its history, the company has completed nearly 1,100 retail projects in 40 states.
Sources:
BusinessWire, Hutton Announces 19-Property, $34.4 Million Portfolio Sale
SpareFoot Storage Beat, Tennessee Developer Launches Self-Storage Division
