$18.4M sale closes for multi-anchor retail center in Memphis
JLL Capital Markets arranged the sale of the 136,673-square-foot Summer Center in Memphis, Tennessee
ATLANTA, May 4, 2023 – JLL Capital Markets announced today that it has closed the $18.4 million sale of Summer Center, a 136,673-square-foot, multi-anchor retail center in Memphis, Tennessee.
JLL represented the seller, a joint venture between Forge Capital Partners and The Sembler Company, and United Properties Corporation acquired the asset.
Built in 1957 and renovated in 1992 and 2008, Summer Center is currently 97% occupied. The center’s anchors include Kroger, Ross Dress for Less, Five Below and Aaron’s and feature a WALT of 8.2 years. The anchors make up 80% of the occupied GLA and represent 65% of the total income.
Situated at 4270 Summer Ave., Summer Center is strategically located approximately seven miles from Downtown Memphis and is adjacent to East Memphis, one of the most affluent neighborhoods in the Memphis MSA. The property benefits from strong traffic counts with 30,550 vehicles passing per day along Summer Avenue. Within three miles of the property is a population of 113,723 and an average household income of $81,241.
The JLL team that represented the seller was led by Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan and Associate Andrew Kahn.
According to Hamilton, “Demand for retail investment properties remains strong due to resilient fundamentals, cash flow durability and compelling returns compared to other asset classes. This is the third time our team brokered the sale of Summer Center, which received far greater interest compared to the prior two times we sold the property.”
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.
For more news, videos and research resources on JLL, please visit our newsroom.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Forge Capital Partners
Forge Capital Partners is a diversified, commercial real estate investment and investment management company. Forge has built a solid track record as an acquirer and operator of commercial real estate, specializing in grocery anchored retail shopping centers throughout the Southeast. Since 2000, Forge and its principals have successfully sponsored and managed four real estate oriented, closed-end private equity funds, and executed over a billion dollars in retail and multifamily transactions.
About United Properties Corporation
United Properties Corp. is a privately-owned, family-run, commercial real estate company located in East Meadow, New York. They own shopping centers all over Long Island, NY, as well as in 21 other states east of the Mississippi River. They are actively looking for Multi Tenanted retail anywhere east of the Mississippi River with an NOI of $1,000,000 or greater.