Chattanooga, Tenn. — CBL Properties (NYSE: CBL) will suspend its stock dividends for 2019 and possibly through year-end 2020 in the face of retail bankruptcies, store closures and corporate restructurings of tenants within its portfolio. The Chattanooga-based shopping center and mall owner’s board of directors will review the suspension quarterly but doesn’t expect the dividends to resume in 2020. CBL announced the decision following a review of current taxable income projections for 2019 and 2020. Unpaid dividends on CBL’s preferred stock shall accrue without interest. The suspension includes CBL’s common …
Millington, Tenn. — Newmark Knight Frank (NKF) has brokered the sale of the 106,495-square-foot Shoppes at Millington Farms, a 106,495–square-foot shopping center located at 8540 U.S. Highway 51 N. in Millington. Real estate firm Ryan Cos. sold the center, located 18 miles northeast of Memphis, to Living for Life Apartments LLC. Drew Fleming, Mark Joines and Henry Kushner of NKF represented the seller in the transaction. Built in 2017, the shopping center was fully leased to tenants including Ross Dress for Less, Five Below, Petco, Burkes Outlet and Dunham’s Sports. The sales price was not disclosed.
Jackson, Tenn. — B+E has brokered the $6.8 million sale of an Academy Sports + Outdoors net-leased property in downtown Jackson. The buyer, Chimblo Family Real Estate LLC, worked with B+E to complete a 1031 Tax Deferred Exchange via B+E’s online sales platform. The property is located at 193 Stonebrook Place. Academy has 12 years remaining on its lease. The seller was not disclosed.
Nashville, Tenn. — Bearded Iris Brewery and Barista Parlor, both local to Nashville, have signed leases to join the tenant lineup at Sylvan Supply in Nashville. Third & Urban and FCP are renovating the 96-year-old mill on Charlotte Avenue into a six-building, 130,700-square-foot mixed-use development that will feature office space, outdoor areas and 32,850 square feet of retail and dining space. Bearded Iris Brewery, named for Tennessee’s state flower, will brew experiential batches exclusive to the location, as well as its full portfolio of beer. Barista Parlor will offer coffee …
Memphis, Tenn. — Fred’s Inc. (NASDAQ: FRED), a discount chain and pharmacy, will close 159 underperforming U.S. stores, approximately 30 percent of the company’s total footprint. Memphis, Tennessee-based Fred’s will have about 400 general merchandise stores left open following this round of closures. Fred’s, which competes with smaller-format discount retailers like Dollar General as well as big-box stores like Walmart, also owns and operates two additional chains: Getwell Drug & Dollar and Yazoo Trading Co. The majority of those stores house full-service pharmacy departments, but the company is also looking …
Clarksville, Tenn. — Rise Partners has purchased a vacant 95,000-square-foot retail property in Clarksville, Tennessee, that formerly housed Kmart.
Germantown, Tenn. — PEBB Enterprises has signed Ulta Beauty and Verizon Wireless to leases at Germantown Village Square, a retail and office complex, in Germantown, Tennessee.
Nashville, Tenn. — Tanger Outlets has announced plans to open a new outlet mall in downtown Nashville, Tennessee.
Chattanooga, Tenn. — CBL Properties is planning to redevelop a Sears building at its Hamilton Place mall in Chattanooga into a mixed-use project.
Cookeville, Tenn. — CBL Properties, along with Browning Development Solutions and CHM LLC, has opened The Shoppes at Eagle Point, a power retail center located in Cookeville.