{"id":1004661487,"date":"2023-05-08T14:08:55","date_gmt":"2023-05-08T22:08:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004661487"},"modified":"2023-05-08T23:13:52","modified_gmt":"2023-05-09T07:13:52","slug":"united-properties-acquires-memphis-retail-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/united-properties-acquires-memphis-retail-asset\/","title":{"rendered":"United Properties Acquires Memphis Retail Asset"},"content":{"rendered":"
\"Summer<\/a>

Summer Center. Image courtesy of JLL Capital Markets<\/em><\/p><\/div>\n

United Properties Corp<\/strong>. has acquired Summer Center, a 136,673-square-foot shopping plaza in Memphis, Tenn. JLL Capital Markets <\/strong>brokered the $18.4 million transaction on behalf of the seller, a partnership between Forge Capital Partners<\/strong> and The Sembler Co<\/strong>.<\/p>\n

The property last traded for $12.9 million in 2018, according to CommercialEdge data. The asset was subject to a $10.9 million loan, set to mature in July.<\/p>\n

Constructed in 1957, Summer Center underwent renovations in 1992 and 2008. The retail center is 97 percent occupied. Kroger, Ross Dress for Less, Five Below and Aaron’s are the anchor tenants, their leases averaging 8.2 years. These tenants occupy 80 percent of the center’s gross leasable area and generate 65 percent of its total income.<\/p>\n

Retail asset in a thriving region<\/h2>\n

Located at 4270 Summer Ave., the property is adjacent to the East Memphis neighborhood and is less than 10 miles from downtown Memphis. Summer Center is exposed to daily traffic of approximately 30,000 vehicles, while a population of 113,723 lives within a 3-mile radius, with average household income in the area at $81,241.<\/p>\n

Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan and Associate Andrew Kahn led the JLL Retail Investment Advisory team that represented the seller. Earlier this year, the same JLL team facilitated the $63 million sale of two retail properties<\/a> totaling 384,119 square feet in Savannah, Ga.<\/p>\n

Retail investment continues to be robust, thanks to sturdy fundamentals<\/a>, reliable cash flow and attractive returns compared to other types of assets, Hamilton said in a prepared statement. Over the last decade, the Southeast has attracted investors<\/a> due to its growing population and favorable business conditions.<\/p>\n","protected":false},"excerpt":{"rendered":"

The shopping center traded for $18.4 million.<\/p>\n","protected":false},"author":3030,"featured_media":1004661489,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21749,32781],"tags":[35826,35991,44006,35829],"class_list":["post-1004661487","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-retail","category-southeast","tag-cmbs","tag-forge-capital-partners","tag-jll-capital-markets","tag-united-properties"],"acf":[],"yoast_head":"\nUnited Properties Acquires Memphis Retail Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"United Properties Corp. has acquired Summer Center, a 136,673-square-foot shopping center in Memphis, Tenn.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/united-properties-acquires-memphis-retail-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"United Properties Acquires Memphis Retail Asset\" \/>\n<meta property=\"og:description\" content=\"United Properties Corp. has acquired Summer Center, a 136,673-square-foot shopping center in Memphis, Tenn.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/united-properties-acquires-memphis-retail-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-08T22:08:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-09T07:13:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/Summer-Center.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"3200\" \/>\n\t<meta property=\"og:image:height\" content=\"2400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Raluca Toma\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/united-properties-acquires-memphis-retail-asset\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/united-properties-acquires-memphis-retail-asset\\\/\"},\"author\":{\"name\":\"Raluca Toma\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1e908d9381f3929d1d57f95e4db8c529\"},\"headline\":\"United Properties Acquires Memphis Retail Asset\",\"datePublished\":\"2023-05-08T22:08:55+00:00\",\"dateModified\":\"2023-05-09T07:13:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/united-properties-acquires-memphis-retail-asset\\\/\"},\"wordCount\":276,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/united-properties-acquires-memphis-retail-asset\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2023\\\/05\\\/Summer-Center.jpg\",\"keywords\":[\"CMBS\",\"Forge Capital Partners\",\"JLL Capital Markets\",\"United Properties\"],\"articleSection\":[\"Investment\",\"News\",\"Retail\",\"Southeast\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/united-properties-acquires-memphis-retail-asset\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/united-properties-acquires-memphis-retail-asset\\\/\",\"name\":\"United Properties Acquires Memphis Retail Asset - 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