Chattanooga’s first suburban shopping center has a new owner.
A Fayetteville, Arkansas-based real estate investment firm has acquired the 64-year-old Highland Plaza shopping center at Hixson Pike and Ashland Terrace as national investment groups continue to buy into the Chattanooga market.
The Fletcher Bright Co., which has owned and managed the Hixson shopping center since 1994, sold the 129,000-square-foot retail center last month for nearly $8.9 million, or nearly $69 per square foot.
The shopping center is anchored by a Walmart Neighborhood Center, which was previously sold by Fletcher Bright, and includes a Big Lots, Dollar Tree, Tuesday Morning and Farmer’s Furniture along with a CHI Memorial medical clinic.
A real estate partnership created by Core Equity in Fayetteville bought the shopping center with an investment partnership that is known as Core Highland Plaza LLC to expand into what company officials see as a growing Chattanooga retail market.