Memphis-MSA retail center trades for $12M
JLL Capital Markets arranged the sale of the 94,331-square-foot Collierville Crossing in Collierville, Tennessee
ATLANTA, Apr. 18, 2024 – JLL Capital Markets announced today that it has closed the $12 million sale of Collierville Crossing, a 94,331-square-foot retail center located within the Memphis MSA in Collierville, Tennessee.
JLL represented the seller, Desco Group and Affinius Capital, and RCG-Collierville VII, LLC (“RCG”) acquired the asset.
Built in 2004, Collierville Crossing is anchored by Academy Sports, which represents 78% of the GLA, and is shadow anchored by Target. Additional tenants include La Hacienda, Sakura Japanese Restaurant, America’s Best Contacts and Eyeglasses, Sports Clips and Direct General Insurance.
Situated at 255-295 New Byhalia Rd., Collierville Crossing is located in one of the most affluent cities in Tennessee, and within a three-mile radius of the center is a population of 50,000 and an average household income of $161,000. Major nearby economic drivers include the University of Memphis, Memphis International Airport, the historic Downtown Memphis and FedEx corporate headquarters. The center is 30 minutes from downtown Memphis and directly adjacent to Germantown. The Property benefits from its central location in the high growth Collierville submarket with numerous nearby large retailers, 1,500 residential units constructed or proposed within two miles of the center and more than 4,000 corporate HQ hubs.
The JLL Retail Capital Markets team that represented the seller was led by Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan and Vice President Andrew Michols.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About RCG Ventures
RCG is a privately funded real estate investment group that acquires and develops commercial real estate in the United States. The company’s primary focus is multi-tenant anchored shopping centers with the potential for long-term ownership.
About Desco Group
The DESCO Group is a retail real estate operating company with a focus on neighborhood and grocery anchored shopping centers. DESCO owns and operates over 40 properties in five states and is vertically integrated, with in-house expertise in asset management, property management, leasing, development, acquisition and disposition. For further information, visit: https://www.descogroup.com/company/about-109.
About Affinius Capital
Affinius Capital® (previously known as USAA Real Estate and Square Mile Capital Management) is an integrated institutional real estate investment firm focused on value-creation and income generation. With a 40-year track record and $32 billion in net assets under management, Affinius has a diversified portfolio across North America and Europe providing both equity and credit to its trusted partners and on behalf of its institutional clients globally. For more information, visit www.affiniuscapital.com.