Memphis, Tenn. and Birmingham, Ala. — Aztec Group has secured a total of $43 million in acquisition financing for two shopping centers, Ridgeway Trace in Memphis and Promenade Fultondale in Birmingham. Brell Tarich and Charles Penan of Aztec Group secured the two non-recourse loans on behalf of LBX Investments. Ridgway Trace is a 169,000-square-foot big box retail center. The $26.5 million loan for Ridgeway Trace features a 7-year term, fixed interest rate, several years of interest only payments and was provided by an undisclosed national insurance company. Ridgeway Trace was …
Nashville, Tenn. — Stan Johnson Co. has brokered the $7.3 million sale of a single-tenant restaurant located at 1911 Broadway St. in Nashville. The 3,643-square-foot property is leased to Velvet Taco, a fast-casual dining concept based out of Plano, Texas. Blaise Bennett of Stan Johnson Co. represented the seller, an undisclosed local developer. The 1031 exchange buyer was an entity based out of Glen Allen, Virginia. The 3,643-square-foot property in Nashville is leased to Velvet Taco.
Sevierville, Tenn. — CBRE has arranged the sale of Smoky Mountain Gateway, a 137,286-square-foot shopping center located at 750 Winfield Dunn Parkway in Sevierville. Anchored by Publix, the center features other tenants such as HomeGoods, Hamrick’s and Five Below. Casey Rosen, Paul Gaither, Steele McDonald and Dennis Carson of CBRE represented the seller, Horne Properties Inc. JRW Realty represented the buyer, an affiliate of ExchangeRight, which purchased the property for an undisclosed price.
Goodlettsville, Tenn. — Dollar General (NYSE: DG) has unveiled plans to open approximately 1,000 new Popshelf stores by the end of fiscal year 2025, including roughly 100 stores in fiscal year 2022. Each Popshelf store spans approximately 9,000 square feet and offers seasonal and home décor, health and beauty products, cleaning supplies and party goods. The target customer is primarily female, lives in the suburbs and maintains an annual household income ranging from $50,000 to $125,000, according to the retailer. Dollar General, which is based in Goodlettsville near Nashville, debuted …
Salisbury, N.C. — Food Lion has remodeled 87 stores across Georgia, Kentucky, North Carolina, South Carolina, Tennessee and Virginia for $127 million. The company’s recently unveiled new format offers a wider variety and assortment of goods across all departments; a greater number of natural, gluten-free and organic items; a larger variety of local craft beer and limited reserve wines; a bigger selection of easy and affordable meals for families; a wider variety of grab-and-go items and pre-sliced deli meats and cheeses; a larger selection of fresh produce and meat; a …
Nashville, Tenn. — MRP Realty and Creek Lane Capital have broken ground on Phase I of River North, a 1.3 million-square-foot, master-planned, mixed-use project located along the Cumberland River in Nashville. The development cost is $260 million, according to the Nashville Business Journal. Phase I will feature 817,070 square feet of development, including 651 apartment units, 78,000 square feet of office space and approximately 80,000 square feet of retail space spread across four buildings on the riverfront site. Phase I is slated for completion by 2023. River North is being …
Franklin, Tenn. — Holladay Properties has purchased The Factory at Franklin, a former stove-making factory located roughly 21 miles outside Nashville in Franklin, for $56 million. Madison Wenzler of Cushman & Wakefield represented Holladay in the sale, and John Haynes of the Bradley law firm provided legal counsel. The seller was not disclosed. Allen Arender of Holladay plans to oversee the redevelopment of the property, along with development partner Ronnie Wenzler of Cushman & Wakefield. Built in 1929, The Factory at Franklin is a complex of 10 industrial buildings that …
Memphis — Hanley Investment Group Real Estate Advisors has arranged the sale of two single-tenant retail properties net leased to Burger King in Memphis. The properties sold for a total of $6 million to two separate buyers. Matt Burnett of Hanley Investment Group, in association with Scott Reid & ParaSell Inc., represented the seller, a private investor based in Los Angeles, in both transactions. Dispositions included a 2,860-square-foot Burger King property with a drive-thru located less than one mile from the Memphis International Airport, which sold for $3.5 million to …
Portland, Tenn. — The Palomar Group has brokered the sale of Portland Village, an 84,250-square-foot, grocery-anchored shopping center in Portland, about 40.2 miles north of Nashville. The undisclosed buyer, a private investor based in Greenville, South Carolina, bought the property for $7.8 million. The seller was Cincinnati-based Phillips Edison & Co. The Palomar Group represented the buyer and the seller in the transaction. The center was 94 percent leased at the time of sale to tenants including Cash Saver, Planet Fitness and Family Dollar.
Brentwood, Tenn. — JLL has arranged the $24.9 million sale of Mallory Corners, an Aldi-anchored, 70,000-square-foot shopping center in the Nashville suburb of Brentwood. Jim Hamilton, Brad Buchanan and Taylor Callaway of JLL represented the seller, Longpoint Realty Partners. Pine Tree represented the buyer, an undisclosed state pension fund. Mallory Corners was fully leased at the time of sale to tenants including Barnes & Noble, Play it Again Sports, AAA, Hoover Paint Store and Brilliant Sky Toys & Books. The property is shadow anchored by Costco.