On Dec. 17, 2019, we closed on the sale of a high-quality, diversified single tenant retail portfolio for $34.4 million. The portfolio consisted of 19 properties in 13 states net leased to industry-leading national tenants.
Hutton will utilize the proceeds from the sale to fund the expansion of a multifamily and self-storage development programs, as well as 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 Karen J. Hutton, President and CEO. “We are kicking off 2020 and our next wave of investments with a lot of flexibility and I am proud of what the Hutton team has accomplished. We’re looking forward to continuing to exceed our clients’ expectations and pushing the limits each year.”