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.