Epic Real Estate Nabs 344 KSF Retail Center in River City Suburb
- Dec 22, 2016
Memphis, Tenn.—HFF recently closed the sale of and arranged financing for Shops of Forest Hill, a 343,855-square-foot retail center located in Memphis’ Germantown suburb.
The company marketed the property on behalf of the sellers, Boyle Investment Co. and Milton Schaeffer. According to Shelby County Register of Deeds, Austin-based Epic Real Estate Partners acquired the asset for $37 million, free and clear of debt. Moreover, HFF secured a five-year loan with Wells Fargo Bank on behalf of the new owner.
Located at the corner of Poplar Avenue and Forest Hill Irene Road, Shops of Forest Hill is a community center anchored by Sprouts Farmers Market, Marshalls, Malco Theatres and Target. Other national and regional tenants of the retail center include Mattress Firm, Sally Beauty, Hallmark, GNC, Mellow Mushroom, Allstate Insurance and Sherwin Williams.
“Shops of Forest Hill offered investors the rare opportunity to acquire a dominant community center with a dynamic tenant line-up and significant upside potential located in the highly sought after Germantown suburb of Memphis, Tenn.,” said Jim Hamilton, senior managing director at HFF, in prepared remarks.
The property is situated on Germantown’s main east-west corridor, where the average household income within a one-mile radius exceeds $170,000.
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