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MEMPHIS-Shifting gears from multifamily assets in the Northeast to retail assets in the Southeast, a New York City-based private investor partnership has acquired the Southland Mall for $20 million. The 220,725-sf mall at 1215 Southland Mall sold for $91 per sf.

In a deal brokered by Marcus & Millichap Real Estate Investment Brokerage Co., Southland Mall Shopping Center LLC purchased the retail asset from BV Elvis LLC, a Charlotte, NC-based investor, according to Mac McCall, senior associate in Marcus & Millichap's Atlanta office. McCall declined to reveal the deal's cap rate. McCall and John Leonard, vice president of Marcus & Millichap, repped the seller.

McCall tells GlobeSt.com the seller decided to put the Southland Mall on the market because it wanted a property with less management. At the same time, the buyer "loved the returns and the long-term upside in the property," he says.According to Marcus & Millichap, the property is the first fully enclosed mall to be developed in the Mid South. The mall, built in 1966, is 93% leased and boasts a tenant roster of 65 tenants. The Sears and Macy's department store anchors were not included in the deal. "The buyer, who traditionally has owned a large portfolio of apartment properties in the Northeast, recognized tremendous value in the long-term stability of the center," McCall says. "The buyer plans on introducing out-of-market retailers to the center to further increase occupancy."