News Summary
Urban Story Ventures has acquired the Northgate Crossing Shopping Center in Hixson, marking a significant investment as retailer interest rises in the Tennessee Valley. The center features a fully leased multi-tenant building with local businesses, including Goodwill and several community services. Despite national trends of retailer closures, Chattanooga is seeing growth that prompts further investments in retail spaces. The region’s robust real estate market supports Urban Story’s strategic expansion, indicating positive trends for ongoing developments and market conditions.
Tennessee
Urban Story Ventures has successfully acquired the Northgate Crossing Shopping Center, located at 1966 Northpoint Boulevard in Hixson. This acquisition marks a significant move amid a growing interest in retail properties within the Tennessee Valley region.
The Northgate Crossing Shopping Center covers 4.03 acres and is anchored by a Goodwill store. The center features a fully leased multi-tenant building that offers a total of 49,000 square feet of retail space. Tenants include various local businesses such as Bible Baptist Church, Sweet Melissa’s Billiards, and Federal Bake Shop Inc., showcasing a mix of retail and community services.
Increased Retailer Interest
Urban Story Ventures has reported a notable increase in retailer interest in the Tennessee Valley, despite national trends indicating a rise in retailer closures. The company’s president highlighted Chattanooga as a trending market that is experiencing considerable residential growth. This growth has prompted Urban Story Ventures to invest in more retail centers, particularly in Hixson and East Ridge.
Expansion and Redevelopment Projects
In addition to the Northgate Crossing acquisition, Urban Story Ventures manages a redeveloped grocery store retail hub located at 6210 Hixson Pike. This hub features a variety of tenants, including Workout Anytime Hixson and Papa John’s Pizza. Furthermore, the company is engaged in the redevelopment of “Tennessee’s First Shopping Center” in East Ridge, which spans 13 acres and includes several buildings along Ringgold Road.
Chattanooga Real Estate Market Overview
Chattanooga’s real estate market remains robust, with over 10,300 home sales recorded in 2024. As of January 2025, the average price of homes sold in the area stands at $330,000. Current mortgage rates in Chattanooga are approximately 6.9%, contributing to the ongoing dynamics of the housing market.
Predictions indicate that home values in the Chattanooga area are expected to rise by 2-3% throughout 2025. The availability of residential properties is also on the rise, with about 2,800 homes currently on the market. This increase in inventory suggests a shift toward a more balanced market that could potentially favor buyers.
Recent Sales Activity
In January 2025, the Chattanooga market saw nearly 560 closed sales alongside 790 pending sales. This activity reflects a healthy level of engagement in the housing sector and points to a gradual normalization of market conditions.
Geographic Appeal
Chattanooga’s appeal lies in its proximity to major cities such as Atlanta, Nashville, and Knoxville, coupled with its natural beauty that encourages outdoor recreation. With a mixture of economic factors and increased residential demand, the outlook for the area’s real estate market remains positive.
Long-term Market Forecast
Experts predict steady but moderate growth in the Chattanooga real estate market, with expectations for solid performance throughout 2025 and 2026. The current economic environment, characterized by increased inventory and a gradual return to equilibrium in buyer-seller dynamics, indicates that the Chattanooga market is poised for continued development and expansion.
As Urban Story Ventures embarks on its latest project with the Northgate Crossing Shopping Center, the company reflects the broader trends in Tennessee’s retail real estate sector and the strong residential growth fueling ongoing investment opportunities.
Deeper Dive: News & Info About This Topic
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- Nooga Today
- Encyclopedia Britannica: Tennessee
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