MEMPHIS, Tenn. - Officials with PM Realty Group (PMRG), a national, full-service commercial real estate firm, today announced the company brokered the sale of Market at Summer Oaks, an 87,347-square-foot retail center, shadow anchored by the grocer ALDI.
The single-story property sits on eight acres on the north side of Summer Avenue, just west of North Perkins Road and south of Interstate 40 in Shelby County. Easy access to upper-income residents in the affluent neighboring Memphis submarket has attracted growing interest by national retailers, positioning the property to quickly fill remaining vacancies.
"We were able to sell the asset for an impressive price per square foot after signing two new junior anchor stores, ALDI at 15,889 square feet and Harbor Freight at 15,233 square feet, which provide stable income for the new owner," said Stephannie Mower, executive vice president and managing director of investment services of PMRG's national Investment Services division. "The long-term stability of the area is also apparent by the addition of a new Lowe's home improvement center across the street from the property. This momentum creates abundant opportunity for the new owner with the many value-added buyers scouring secondary markets for ideal reposition-ready properties."
About PM Realty Group
Headquartered in Houston, Texas, PM Realty Group (PMRG) is one of the nation’s leading real estate companies focusing on comprehensive property services, development and acquisitions. With a strategic presence in 30 markets, PMRG provides the highest quality services to its clients and investors. PMRG’s clients and investors include large financial institutions, advisors and high net worth individuals. By capitalizing on the team’s experience and expertise, PMRG has the ability to undertake large and challenging management, leasing, development and acquisition projects.
PMRG’s portfolio, including projects managed for third parties, includes commercial office buildings, mixed-use centers, corporate headquarters, industrial buildings, medical facilities, high-rise multifamily buildings and re-appropriated military facilities.
Our goal is to generate exceptional returns for our clients and investors by focusing on real estate fundamentals. For additional information, visit www.pmrg.com