Cherry Street Development Sells For $4.7 Million

  • Friday, November 26, 2021

A downtown development has sold for $4.7 million.

The property at 701 Cherry Street had been redeveloped by Mike and Matt McGauley.

The first Krystal restaurant was at that location at the southwest corner of Seventh and Cherry.

Krystal built its headquarters at the site in 1952.

The McGauleys later completely remodeled the three-story complex.

The sale was from McGauley Holdings LLC to 701 Cherry Street Investors. 

Matt McGauley said, "The redevelopment of the 701 building set a high standard for sustainable and adaptive reuse of historic downtown property.  I am very proud of what we accomplished with that project. 

"2022 promises to be a transformational year for FTC in its 110th year in business as Chattanooga’s oldest commercial real estate firm.  The sale of the 701 building helped raise capital and positioned the company to capitalize on opportunities ahead."

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