Sale of grocery-anchored retail center in Memphis closes
JLL Capital Markets closed the sale of the 454,843-square-foot Eastgate Shopping Center in Memphis, Tennessee
ATLANTA, Jan. 3, 2023 – JLL Capital Markets announced today that it has closed the sale of the grocery-anchored Eastgate Shopping Center, which consists of 388,489 square feet of retail space and 66,354 square feet of office space, located in Memphis, Tennessee.
JLL represented the seller, Arrow Retail, and an affiliate of Gulf Coast Commercial Group, Inc acquired the asset.
Eastgate Shopping Center’s retail space is 95 percent occupied, and notable tenants include The Fresh Market, TJ Maxx, buy buy Baby, Dollar Tree, Ross, Burlington, Five Below, Michaels, Rack Room Shoes, Tuesday Morning, Plato’s Closet, DXL Men’s Apparel, Firestone, Firehouse Subs and Mellow Mushroom Pizza Bakers. Nearly 60% of the GLA has over 10 years of tenure. Additionally, the office space is 49 percent leased to a diverse mix of tenants.
Located at 835 S. White Station Rd., Eastgate Shopping Center is set between Downtown Memphis and Germantown and proximate to numerous economic drivers, including several Fortune 500 and 1000 corporate headquarters. The center has access to a population of almost 80,000 and a daytime population of almost 120,000. The property is surrounded by the affluent East Memphis neighborhood, with average household incomes exceeding $200,000. Additionally, it is less than 30-minutes to downtown Memphis.
The JLL Retail Capital Markets Investment Advisory team representing the seller was led by Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan and Associate Andrew Kahn.
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 sales and 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
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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Arrow Retail
Arrow Retail is an experienced commercial real estate investment firm headquartered in Dallas, Texas specializing in large scale mixed-use properties located throughout the United States. Arrow works with users of real estate and institutional investment capital to target strategic growth areas and create value through a disciplined approach to development, leasing, financing, asset management, investor relations and marketing.
With a track record of managing over $3.5 billion dollars of investments in commercial real estate around the country, Arrow’s team of professionals navigates the changing real estate landscape by targeting key opportunities to provide innovative investment strategies. Arrow Retail focuses on complex real estate investments that require a strong background in community integration, entitlements and underlying real estate agreements necessary to integrate multiple users and requirements throughout large projects.
About Gulf Coast Commercial Group, Inc.
Founded in 1999, Gulf Coast Commercial Group, Inc. is a fully integrated real estate development, management and leasing company led by a seasoned team of industry professionals. The Houston-based firm and its affiliates have overseen the acquisition and development of more than eight million square feet of retail space spanning 35 cities and twelve states. Gulf Coast’s nearly 100 projects include approximately a million square feet of grocery-anchored retail centers and 63 build-to-suit stores for major brands including Academy Sports + Outdoors, Best Buy, Michaels, Kroger, PetSmart, REI, T.J.Maxx and Walgreens. Gulf Coast Commercial Group has acquired more than 1.1 Million square feet of retail property since 2019. It currently operates more than 1.25 Million square feet of retail shopping centers and is actively looking to acquire additional shopping centers across the Southeastern United States.