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Northeast Buyer Takes 220,725-SF Retail Asset

MEMPHIS-The Southland Mall shifts portfolios in a $20-million deal, or $91 per sf. The property is 93% occupied.

By Melissa Kress | Updated on January 17, 2007

(For more retail coverage, click GlobeSt.com/RETAIL.)

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.

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