Story originally publish on Sparefoot.com
A Chattanooga, TN-based commercial real estate developer and investor is fueling the growth of its new self storage division with proceeds from a recent asset sale.
Hutton Co. Inc. is on track to launch its first two self storage developments in early 2021, said Aaron Breeden, vice president of Hutton. Breeden said the company will seek self storage development and acquisition opportunities across the U.S., with an eye toward building properties for other owners or operating facilities on its own.
As of early January, Hutton wasn’t able to offer specifics about how many facilities it ultimately aims to build or acquire.
Hutton launched its self storage division in 2019. In a news release, the company said it will put some of the proceeds from its recent $34.4 million sale of single-tenant retail portfolio toward the self-storage venture. The retail portfolio comprised 19 properties in 13 states.
“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.”
Since its founding in 1998, Hutton has completed nearly 1,100 retail projects in 40 states.
“One of our main Hutton philosophies is, ‘This is no place to dream small.’ The self-storage division will be another strategic line of business that allows the team to further expand the company’s development and acquisition pipeline with unmatched tenacity and drive,” Breeden said.
Hutton hired Breeden in 2019. Aside from Breeden, Hutton executives who’ll be shepherding the company’s self-storage initiative include:
- Karen Hutton, president and CEO.
- Douglas Kyle, who was brought aboard in 2019 as chief development officer.
- Mike Deering, who joined in 2019 as chief investment officer.
- Matt Partridge, who added the title of chief operating officer in 2018 after being hired a year earlier as chief financial officer.
Thumbnail: Photo by Bernard Hermant on Unsplash