A South Florida company that likes Chattanooga’s economy has bought a high-profile shopping center in Hixson that holds such tenants as Hobby Lobby and Ashley HomeStore Outlet.
Northtowne Centre, a 257,744-square-foot retail center on Highway 153, was purchased for $14 million by Coastal Equities of Weston, Florida, according to a commercial real estate firm that arranged the sale.
Bryan Belk of Franklin Street said the city “seems to be doing well” economically. He cited Chattanooga’s attraction of high-tech firms and noted the region’s automotive sector.
Also, Belk said that many of the shopping center’s tenants remained open during the coronavirus lock down early in 2020. He said the buyer wants to know “during the worst economic stress test how tenants performed.”
“They want them to be open, operating and successful and being able to afford the rent,” said Belk.