Shopping Center Business

OCT 2018

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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HUTTON October 2018 • SHOPPING CENTER BUSINESS • 71 real estate firms on complex acquisition, development and leasing matters. His ex- pertise and leadership style have helped a team of 12 proficiently navigate the com- plicated legal matters Hutton deals with day-in and day-out across its hundreds of annual buying, selling, developing, leasing and financing transactions. To accommodate its growing staff, the company has expanded its Chattanooga headquarters multiple times and added re- gional presences in Nashville and Atlanta. The company currently occupies 19,000 square feet in two connected buildings in downtown Chattanooga, and over the next year, the company will expand into an additional 10,000 square feet in a re- cently acquired adjacent building. As the company has grown, so has the size and scope of its developments. In the past seven years, Hutton has added to its single-tenant development activi- ties by also layering in multi-tenant and shopping center developments. In addi- tion to complementary product types, larger developments followed, including a 100,000-square-foot center in Salisbury, North Carolina, that the company is plan- ning to expand over the next 12 months, as well as a 600,000-square-foot center in Mobile, Alabama, called McGowan Park. "We went from developing $1 million projects to $10 million projects to an $80 million project," says Hutton. "The knowl- edge on the team was what mattered and was what led to the unprecedented execu- tion. That knowledge, combined with the overall success of previous developments, gave our clients the confidence that we could be depended on. The development partners we have on our team continue to sort through those puzzles to create op- portunities and have delivered an amazing track record of successful projects across the country." Aside from being a very large developer who has experienced tremendous growth, what sets Hutton apart is that the compa- ny is fully integrated, with construction, development, accounting, finance, legal, real estate, property management, acqui- sitions and dispositions. The company also acquires operating assets and retains much of what it builds. It is one of the largest private owners of single tenant net lease properties. "We're not merchant builders," says Hutton. "We do sell some of the prop- erties we develop to investors, funds and REITs so that we can recapitalize and put that money to use for future develop- ments, but we are increasingly focused on sourcing outside capital providers to start a Hutton fund or for programmatic joint ventures so we can continue to grow the owned portfolio, which will allow us to create a broader and more diversified base of real estate." The company sold a portfolio of 59 properties — mostly Family Dollar, Dollar General, O'Reilly Auto Parts and Walmart Neighborhood Centers — for $185.8 mil- lion in January. Hutton has reinvested those proceeds in new developments, Hutton has developed nearly 1,000 stores for Family Dollar, Dollar General and O'Reilly Auto Parts. Pictured is an O'Reilly Auto Parts location Hutton developed in Plantation, Florida. Hutton has developed a number of smaller centers, containing three to four tenants, like this one in Riverview, Florida.

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