Memphis, Tenn. — The Shopping Center Group (TSCG) has negotiated the sale of Houston Levee Galleria, a 65,900-square-foot retail center in Memphis. Built in 2006, the property was 94 percent leased at the time of sale. Anthony Blanco and Lynn De Marco of TSCG represented the seller, a limited liability company, in the transaction.
Tennessee
Memphis, Tenn. — Poag Development Group has purchased a 400,000-square-foot store situated within Oak Court Mall, an enclosed regional mall in Memphis originally opened in 1988. Macy’s occupies the space and sold the property in a sale-leaseback transaction. Poag acquired the department store for $7 million in a joint venture with a group of local investors that purchased the other portions of Oak Court Mall in December 2023. Poag plans to work with JLL to maximize the potential of Oak Court Mall.
Cordova, Tenn. — Bojangles has broken ground on a new restaurant property situated on an outparcel within Market at Cordova Shopping Center in Cordova. Completion of the development is scheduled for early 2025. John Reed and Hurston Reed of The Shopping Center Group (TSCG) negotiated the lease between Bojangles and the outparcel owner, The Life Church. A 55,000-square-foot Grand Super Market anchors Market at Cordova Shopping Center, which N&L Holdings acquired this past July.
FCPT Purchases 20 Bloomin’ Brands Restaurant Properties for $66.4 Million
Mill Valley, Calif. — Four Corners Property Trust (FCPT) has purchased 20 restaurant properties occupied by Bloomin’ Brands concepts for $66.4 million dollars. Located in Arizona, Florida, Georgia, Kentucky, Louisiana, North Carolina, Nevada, Pennsylvania, South Carolina and Tennessee, the portfolio includes 10 Outback Steakhouse restaurants and 10 Carrabba’s Italian Grill restaurants, with one dual-tenant property occupied by both concepts. The properties are leased to corporate Bloomin’ Brands entities on two master leases. This transaction makes Bloomin’ Brands the third largest tenant for FCPT, accounting for 3.3 percent of cash rent for …
Collierville, Tenn. — RealSource Group has arranged the sale-leaseback of a 34,000-square-foot single-tenant retail property located in Collierville, roughly 30 miles southeast of Memphis. LA Fitness occupies the property, which was built in 2019. Ted Slaughter and Jonathan Schiffer of RealSource, in association with Scott Reid of ParaSell Inc., represented the seller, Fitness International, in the transaction. A private investor acquired the property for an undisclosed price. LA Fitness will continue to occupy the building on a 15-year net lease.
Elizabethton and Lafollette, Tenn. — Matthews Real Estate Investment Services has arranged the portfolio sale of two Tennessee shopping centers: Elk Crossing in Elizabethton and Cumberland Crossing in Lafollette. Kyle Stonis, Pierce Mayson and Boris Shilkrot of Matthews represented the seller, Big V Property Group, in the transaction. An entity doing business as Vishal 1 LLC purchased the portfolio for an undisclosed price. Together, the properties total 170,900 square feet and were 99.4 percent leased at the time of sale. Tenants at Elk Crossing include Ross Dress for Less, United Grocery …
Newport, Tenn. — Marcus & Millichap has brokered the sale of Five Rivers Plaza, a 40,085-square-foot retail center located in Newport, roughly 50 miles east of Knoxville. Tenants at the property, which was originally built in 1983 and renovated in 2023, include Family Dollar and Dollar Tree. Zach Taylor and Eric Abbott of Marcus & Millichap represented the seller, a local developer, in the transaction. A Nashville, Tennessee-based 1031 investor acquired the property for an undisclosed price.
Millington, Tenn. — Quantum Real Estate Advisors has brokered the $2.6 million sale of a single-tenant property located in Millington. A California-based buyer acquired the property from a Southeast-based developer. Chipotle Mexican Grill occupies the building. Zack Hilgendorf and Nick Hilgendorf of Quantum represented the seller in the transaction.
Cordova, Tenn. — The Shopping Center Group (TSCG) has brokered the sale of Market at Cordova Shopping Center, a 98,466-square-foot retail center located in Cordova, roughly 20 miles east of Memphis. N&L Holdings acquired the property for an undisclosed price. Anchor tenant The Life Church will vacate the center, opening up space that the new owner plans to populate with an Asian supermarket, food hall and community gathering spot. Dubbed Grand Super Market, the gathering spot will occupy the 55,000-square-foot anchor space at the property. John Reed and Hurston Reed of …
Nolensville, Tenn. — Watkins Real Estate Group is underway on the development of Village Green, a 90,473-square-foot shopping center in Nolensville, roughly 20 miles outside Nashville. Publix will anchor the property, which is scheduled for completion in summer 2025. Other tenants at the center will include Heartland Dental, Club Pilates, Jersey Mike’s, Waxing the City, Hand & Stone Massage and Facial Spa and Physicians Urgent Care. William Shell and Harris McCullough of JLL will manage leasing at the development on behalf of Watkins.