December 15, 2016
Village Shops of Forest Hill Sold for $37.1 Million
Memphis Daily News
9155 U.S. Highway 72
Germantown, TN 38138
Sale Amount: $37.1 million
Sale Date: December 2016
Buyer: EREP Forest Hill I LLC
Seller: BIC-MTS Partners
Loan Amount: $26 million
Lender: Wells Fargo Bank
Details: A 360,000-square-foot commercial retail center in Germantown was recently purchased by Epic Real Estate Partners acting as EREP Forest Hill I LLC for $37.1 million.
The Village Shops of Forest Hill shopping center, located at 9155 U.S. Highway 72 at the intersection with Forest Hill Irene Road, was previously owned by Boyle Investment Co. and Milton T. Schaeffer acting as BIC-MTS Partners.
According to Cary Whitehead, executive vice president of Boyle Investment Co., they were looking to sell because their partner Milton Schaeffer decided it was time.
“It’s been a great property, we were very happy with it,” Whitehead said. “We’ve owned it together for 30 years and he just decided he wanted to sell it, so we agreed to sell it.”
Target, Sprouts, Marshalls and Malco Theatre are anchor tenants at the shopping center.
EREP also took out a $26 million loan with Wells Fargo Bank for the property.
Austin, Texas-based Epic Real Estate Partners was found in 2012 and has bought, managed and developed properties in 27 states totaling more than $400 million.
Memphis-based Boyle Investment Co. was founded in 1933 and specializes in land development capabilities for office, retail, industrial and residential properties.