Chattanooga-based Chestnut Development Partners announced its most recent investment. Chestnut invested alongside Benbrooke Realty Investment Company in Dutton Mill Shopping Village, a 76,000 square foot shopping center in Aston, PA. This is Chestnut’s ninth investment since November 2012.
Steen Watson, Chestnut’s principal and co-founder, commented, “Our latest investment is both confirmation and continuation of our strategy of investing alongside proven and experienced partners in well-located, high quality properties with the intent to create value.”
Dutton Mill Shopping Village is located in Delaware County, Pennsylvania, approximately 20 minutes outside downtown Philadelphia, and was once anchored by Shop-N-Bag, a regional grocery store.
The vacant grocery store is viewed by Chestnut and Benbrooke as an opportunity to redevelop and market the shopping center to various national and regional retailers.