MEMPHIS-Eastgate Shopping Center, a 445,907-square foot regional community center on Park Avenue, has traded for $31.5 million. The sale price represents $71 per square foot for the trophy asset.
Brad Nathanson, a vice president investments and a senior director of the firm’s National Retail Group in Philadelphia, and Paul Kerber, a vice president investments and a senior director of the firm’s National Office and Industrial Properties Group in Detroit, represented the Memphis-based sellers Union Realty Co. GP and Belz Investco GP. Anne Williams of the firm’s Tennessee office also provided representation. The buyer, Eastgate Center LLC, represented itself.
“Eastgate Shopping Center has symbolized East Memphis for more than 46 years, giving Memphians one of the premier destination shopping centers that anchors the Poplar Avenue corridor," says Nathanson. "Historically occupied at over 95%, this center represents pride of ownership and irreplaceable real estate with very little tenant turnover since inception."
Eastgate Shopping Center is anchored by Fresh Markets, Michaels, TJ Maxx, Stein Market, Burlington Coat Factory, and Walgreens, along with many other strong national credit tenants. The center serves consumers in the Bartlett, Germantown, Lakeland and Collierville areas.
“We received multiple offers on the asset from a wide range of national private buyers, primarily from the Northeast and Midwest, given the asset’s location within that market, its high historical occupancy and the additional upside through re-leasing and development,” says Nathanson. “In the end, this asset traded to the most qualified buyer who plans on carrying out the Belz legacy in continuing to provide a world-class retail facility within East Memphis that serves the needs of the community.”
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