December 19, 2016
Done Deal: Germantown Retail Center Sells for $37 Million
Memphis Business Journal
A Germantown retail center just sold for $37.1 million.
The Shops of Forest Hill, located at the corner of Poplar Avenue and Forest Hill Irene Road, were purchased by a real estate group out of Austin, Texas.
The retail center, which includes 360,000 square feet of retail space, counts Target, Sprouts Farms Market and Malco Theatres among its main tenants.
Boyle Investment Co. and Forest Hill Limited Partnership, whose general partner is Milton T. Schaeffer dba BIC-MTS Partners, were the sellers. Cary Whitehead with Boyle represented the seller, and Jim Hamilton with Holliday Fenoglio Fowler L.P. (HFF) represented the buyer EREP Forest Hill I LLC, Epic Real Estate Partners LLC.
According to the Shelby County Register of Deeds, the $37.1 million price tag included: 9155 Highway 72; 9245 Highway 72; 3100 Forest Hill Irene Road and 3075 Village Shop Drive. The deed was dated Dec. 7.
“[The Shops of Forest Hill] have done very well,” Whitehead said. “Great location, good anchor tenants, very successful. I think [the new owners] will do very well.”