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."