Memphis, Tennessee – We have Net Lease Properties information from the Volunteer State, Tennessee. The economic downturn has slowed construction of triple net lease properties and Retail Shopping Centers. So when a landmark Retail Shopping Center comes available, NNN Commercial Real estate investors jump at the opportunity. Net Lease Property Buyers normally like a NNN property with a strong national credit tenant. Many experienced NNN Property buyers would rather have a stable, safe, strong property in a good location and get a smaller return rather than risk money in the stock market. Also, compare the alternative of a commercial property with a higher return and higher risk in a less than desirable location. Reasons like that is why the Eastgate Shopping Center sold and had a number of potential suitors. This Tennessee Retail Shopping Center sold for $31.5 million. The net leased property selling price equates to about $71 per square foot for this trophy net lease property.
This Tennessee Retail Shopping Center, Eastgate Shopping Center, is approximately 445,899-square feet, on Park Avenue, in Memphis. The net leased property buyer was Eastgate Center LLC, which is believed to be based in Dallas, Texas. They will enjoy this net lease property investment that serves retail foot traffic in the Bartlett, Germantown, Lakeland and Collierville areas.
Eastgate Shopping Center has parcels that are listed as 5112, 5040, 5010, 5118 and 5138 Park Ave., 827 White Station Road and 5125 Truse Parkway. We are unaware of any Net Lease Funding that was conducted for this commercial real estate transaction. Retail Shopping Centers and Absolute NNN Properties are also an excellent choice for a 1031 Exchange replacement property. If you are in need of a premium 1031 Exchange replacement property to defer capital gains tax, fill out our form below or on the top of our site.
This Tennessee net leased investment was sold by Union Realty Co., a Belz entity. This Retail Shopping Center has some excellent Tenants as anchors on the property. These anchor Tenants leasing space, include Fresh Markets, Bed, Bath & Beyond, Stein Mart, TJ Maxx and Burlington Coat Factory and Walgreen’s. Eastgate also contains over 65,000 square feet of office space which is currently being leased and managed by CB Richard Ellis Memphis.
Eastgate Shopping Center is currently the eighth largest retail shopping center in Memphis, Tennessee. This net leased property was developed by Belz in 1964 and had its offices situated there into the 1980’s. Belz Enterprises has an extensive Investment Property Portfolio that contains a balance of 20% office buildings, 50% industrial properties and 30% are retail triple net lease properties.
The net leased property is in a dominant market with a great location and national credit tenants. So this explains why even without a high cap rate, NNN Commercial Real Estate investors were interested. Another selling point for the Eastgate Shopping Center is the occupancy rate hovers around 95% with not a high turnover rate for the Tenants. That is a plus for all triple net lease properties and retail shopping centers. This Retail Shopping Center is a mainstay of East Memphis for more than 45 years. This location known as the Poplar Avenue corridor is a high traffic area for retail foot traffic. As of 2009, about 79,300 people lived in the retail shopping center’s three-mile radius, with an average household income of $93,000.
Feel free to contact us for all NNN properties in Tennessee and across the Country. Also contact us if you are an owner of net lease properties creating sale-leasebacks. We have experience working with build-to-suit developers for net lease properties developments.
Commercial Real Estate investors in need of acquisition financing, a refinance, or re-development financing for NNN Retail, and Single-Tenant net lease properties can get financing with Commercial Loans at Loanrise.com.