{"id":1004711064,"date":"2024-04-22T02:30:33","date_gmt":"2024-04-22T10:30:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004711064"},"modified":"2024-04-23T04:58:29","modified_gmt":"2024-04-23T12:58:29","slug":"desco-affinius-sell-memphis-area-retail-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/desco-affinius-sell-memphis-area-retail-center\/","title":{"rendered":"Desco, Affinius Sell Memphis-Area Retail Center"},"content":{"rendered":"\n

Desco Group and Affinius Capital have sold Collierville Crossing, a 94,331-square-foot retail center<\/a> in Collierville, Tenn., with the assistance of JLL. RCG Ventures acquired the asset for $12 million. <\/p>\n\n\n

\n
\"Collierville
Academy Sports anchors the 94,331-square-foot retail center. Image courtesy of JLL<\/em><\/figcaption><\/figure><\/div>\n\n\n

Built in 2004 on some 11 acres, Collierville Crossing previously traded in 2007 for $15.4 million, according to CommercialEdge information. Anchored by Academy Sports and shadow-anchored by Target, the retail property has a diverse mix of national and regional tenants such as La Hacienda, Sakura Japanese Restaurant, America\u2019s Best Contacts and Eyeglasses, Sports Clips and Direct General Insurance.<\/p>\n\n\n\n

Located at 255-295 New Byhalia Road, in Memphis\u2019 SR 385 Corridor submarket, the shopping center serves a population of 50,000 within a 3-mile radius, with the average household income of $161,000, according to JLL. In addition, some 1,500 residential units are constructed or proposed within 2 miles.<\/p>\n\n\n\n

JLL Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan and Vice President Andrew Michols led the Retail Capital Markets team that represented the joint venture.<\/p>\n\n\n\n

Although retail transactions in Memphis have experienced a decline of approximately 20 percent in 2023 when compared to the previous year, certain areas are now witnessing an increase in activity, according to a recent Marcus & Millichap report. The growing suburb of Collierville saw a rise in sales last year and also achieved the fastest rent growth among Memphis’ 10 largest submarkets by inventory, the same research shows.<\/p>\n","protected":false},"excerpt":{"rendered":"

The property previously traded in 2007.<\/p>\n","protected":false},"author":3014,"featured_media":1004711065,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21749,51973],"tags":[52016,32796,38545],"class_list":["post-1004711064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-retail","category-southwest","tag-affinius-capital","tag-jll","tag-rcg-ventures-llc"],"acf":[],"yoast_head":"\nDesco, Affinius Sell Memphis-Area Retail Center - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Desco Group and Affinius Capital have sold Collierville Crossing, a retail center in Collierville, Tenn., to RCG Ventures.\" \/>\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\/desco-affinius-sell-memphis-area-retail-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Desco, Affinius Sell Memphis-Area Retail Center\" \/>\n<meta property=\"og:description\" content=\"Desco Group and Affinius Capital have sold Collierville Crossing, a retail center in Collierville, Tenn., to RCG Ventures.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/desco-affinius-sell-memphis-area-retail-center\/\" \/>\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=\"2024-04-22T10:30:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-23T12:58:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/collierville-crossing-teaser.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\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\\\/desco-affinius-sell-memphis-area-retail-center\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/desco-affinius-sell-memphis-area-retail-center\\\/\"},\"author\":{\"name\":\"Diana Firtea\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/a0c04b9de1387474e28c9ebdb0444e59\"},\"headline\":\"Desco, Affinius Sell Memphis-Area Retail Center\",\"datePublished\":\"2024-04-22T10:30:33+00:00\",\"dateModified\":\"2024-04-23T12:58:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/desco-affinius-sell-memphis-area-retail-center\\\/\"},\"wordCount\":233,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/desco-affinius-sell-memphis-area-retail-center\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2024\\\/04\\\/collierville-crossing-teaser.png\",\"keywords\":[\"Affinius Capital\",\"JLL\",\"RCG Ventures LLC\"],\"articleSection\":[\"Investment\",\"News\",\"Retail\",\"Southwest\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/desco-affinius-sell-memphis-area-retail-center\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/desco-affinius-sell-memphis-area-retail-center\\\/\",\"name\":\"Desco, Affinius Sell Memphis-Area Retail Center - 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