April 27, 2017

Germantown Village Square Sells for $29.3 Million

Memphis Daily News

A Boyle Investment Co. real estate investment fund has sold Germantown Village Square to PEBB Enterprises, a private equity firm based in Boca Raton, Florida, for $29.3 million.

The Midsouth Capital Fund I, LLC was formed in 2011 by Boyle to target real estate investment opportunities throughout the Mid-South.

“Germantown Village Square is a fantastic property, located right in the heart of Germantown on Poplar Avenue,” Mark Halperin, executive vice president and COO of Boyle, said in a release. “Working with all of the tenants during the past several years was a great experience, and we look forward to seeing the property’s continued success.”

Boyle will continue to handle leasing and management of the 200,000-square-foot, two-level, mixed-use center, which was developed in 1973 as an enclosed shopping mall and was “de-malled” in 1985.

Germantown Village Square was the first acquisition made by the Midsouth Capital Fund in 2011. It is strategically located at a high-traffic location on Poplar just east of Germantown Road.

Major office and retail tenants at the center include The West Clinic, TJ Maxx, Pier One, OfficeMax, Petco, Designer Shoe Warehouse (DSW), Crye-Leike Realtors and McAlister’s Deli.

Boyle was represented in the sale by Johnny Lamberson, Terry Radford, Chris Cozby and Chris Gerard of CBRE.