Memphis, Tenn. – The center’s Memphis submarket has a population of more than 165,000 people and an average household income of more than $70,000 within a five-mile radius.
Countryside Center near Memphis, Tenn., is 75 percent leased with 8,900 square feet of available space and a one-acre outparcel.Memphis, Tenn. – The Shopping Center Group has arranged the sale of Countryside Center in Memphis for $1.9 million. The 35,500-square foot neighborhood shopping center, anchored by Dollar General, sold at a 9 percent cap rate. Gary Shanks, a broker with The Shopping Center Group, represented the seller, a Midwest-based life insurance company. John Reed, also a broker with The Shopping Center Group, represented the buyer, a private California-based investor. The center is 75 percent leased with 8,900 square feet of available space and a one-acre outparcel. In addition to Dollar General, tenants include Subway, Auto Radio, Math Made Simple and Continental Tire.
— Scott Reid