Forge Capital Grabs Memphis Shopping Center
- Jul 10, 2018
BDB Capital has sold Summer Center, a 136,425-square-foot retail asset in Memphis, Tenn., to Forge Capital Partners for $13 million. The buyer assumed the balance of an $11 million CMBS loan originated by Starwood Capital as part of the deal, according to Shelby County records. The mortgage dates back to 2013, when BDB had picked up the shopping center for $14.6 million.
Located at 4270 Summer Ave. and exposed to an estimated 28,000 vehicles per day, the building is along U.S. Highway 70 and within 2 miles of Interstate 40. The shopping center is approximately 7 miles east of downtown Memphis. Kroger and Ross Dress for Less anchor the retail asset. Summer Center also has a number of other smaller tenants including Hibbett Sports, H&R Block, Little Caesars and Supercuts. The retail property is 90 percent leased. Big Lots and T.J. Maxx, located in an adjacent 81,150-square-foot building, shadow anchor the asset.
Forge has selected The Sembler Co. to manage the property, according to public records. An HFF team of Jim Hamilton, Brad Buchanan, Michael Allison and Ryan Stoffer represented the seller in the transaction. A similar team worked with Forge to offload an Atlanta grocery-anchored retail asset last year.
Image courtesy of HFF