Memphis-Area Whole Foods Market Trades for $19M

Stan Johnson Co. represented buyer Benderson Development in the disposition of the 36,570-square-foot asset.
Whole Foods in Germantown, Tenn. Image via Google Street View

Benderson Development has acquired a 36,570-square-foot Whole Foods Market in Germantown, Tenn., from Cypress Realty Holdings Co., according to Shelby County public records. Stan Johnson Co. arranged the $18.5 million sale of the single-tenant building at a 4.6 percent cap rate.

Director Pat Weibel of Stan Johnson worked on behalf of the seller. The buyer assumed a $10.3 million loan originated by Farm Bureau Life Insurance Co. in 2015. 

The property is located at 7811 Poplar Ave., 15 miles east of downtown Memphis. Completed in 2015 on a 5.2-acre parcel adjacent to Route 72, the grocery store is part of the city’s largest retail and entertainment hub. Other retailers in the area include Starbucks, T.J. Maxx and Hobby Lobby.

In February 2020, Benderson Development acquired a $218 million interest in the ground lease under Pioneer Natural Resources’ new headquarters in Irving, Texas. The 1.1 million-square-foot property is part of the $1 billion Hidden Ridge development.