The Two North Shore commercial development on Manufacturers Road in North Chattanooga has been sold to a Pennsylvania real estate firm for $23,983,363.
Steve Arnsdorff, who developed the successful center from the ground up and has continued to manage it, said the deal closed last week.
He said the sale for the property at 319 Manufacturers Road is to Stoltz Real Estate Company, which has commercial holdings around the country.
The development that opened in 2008 includes 99,000 square feet of space.
There are four buildings, including a Northwest Georgia Bank branch with 6,552 square feet.
There is also a Whole Foods grocery and Rock Creek Outlet in addition to two other commercial buildings that are fully leased.
Mr. Arnsdorff said, "This was a good time to sell, and it is time for me to do something else."
He was also involved in the One North Shore condos across the road at one time.