Super-regional retail center in Jackson, Tennessee, sold
JLL brokered the sale of the West Tennessee shopping center
ATLANTA, February 5, 2020 – JLL Capital Markets announced today that it has closed the sale of West Towne Commons, an 180,960-square-foot, super-regional retail center with limited competition in Jackson, Tennessee.
JLL marketed the property on behalf of the seller, a partnership between DRA Advisors and RCG Ventures. An affiliate of Yale Realty Services Corp. purchased the asset.
West Towne Commons is a super-regional retail center located in Jackson, which is between Memphis and Nashville. The property boasted a well-tenured and high-performing tenant line up of national retailers including TJ Maxx, Five Below, Dollar Tree, Petco, Stein Mart, Office Max, Academy Sports (shadow), Kroger (shadow) and Target (shadow). The property was 97% occupied at the time of sale.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director Jim Hamilton and Directors Brad Buchanan and Mike Allison.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About DRA Advisors
DRA Advisors LLC is a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, foundations, and insurance companies. Since DRA was founded in 1986, the firm has acquired over $31 billion of real estate, including 56 million square feet of office, 75 million square feet of retail, 62 million square feet of industrial and 72,000 multifamily units.
About RCG Ventures LLC
RCG Ventures LLC (“RCG”) is a privately funded real estate investment group that acquires and develops commercial real estate in the continental United States. The company’s primary focus is value-add anchored shopping centers with the potential for long-term ownership.
About Yale Realty Services Corp.
Yale Realty Services Corp. is a privately held real estate investment firm that specializes in open-air shopping centers anchored by strong credit grocery stores and Super Walmarts. Yale Realty's current portfolio consists of 16 retail centers, totaling approximately four million square feet including some of the unowned adjacent anchors.