PEBB Enterprises Closes $35.52 Million Sale of Germantown Village Square in Tennessee
Mixed-use community center near Memphis boasts strong retail and office tenant roster
MEMPHIS, TN – PEBB Enterprises, the South Florida-based private equity real estate investment company, completed the successful disposition of Germantown Village Square near Memphis, Tennessee. The company sold the mixed-use community center for $35.52 million.
Hendon Properties, LLC is the buyer of Germantown Village Square. The transaction closed on Aug. 24.
Germantown Village Square is located at 7670 Poplar Ave. in Germantown, the preferred submarket in Memphis due to its affluent and growing population. The center has a total of 199,080 square feet, with 138,995 square feet of ground-floor retail and a 60,147-square-foot second-floor office predominantly occupied by West Clinic, a subsidiary of Baptist Memorial Health Services. Baptist is one of the nation’s largest nonprofit health care systems, with 22 hospitals throughout the Mid-South region.
Major retail tenants include TJ Maxx, DSW, Ulta, Old Navy and Five Below. Germantown Village Square’s total occupancy (including both retail and office space) is 90%. The center was built in 1975 and renovated in 2000.
PEBB acquired Germantown Village Square in early 2017. The company produced strong leasing activity throughout its five-year hold, finalizing deals with Ulta, Old Navy, Five Below and numerous other tenants.
“This disposition is part of a broader strategy to focus on investments and developments in our home state of Florida,” PEBB President and CEO Ian Weiner said. “Germantown Village Square is a one-of-a-kind mixed-use asset in the Memphis submarket. Not surprisingly, it generated substantial interest from commercial real estate investors when we decided to market the center.”
Evan Halkias and Margaret Jones of Cushman & Wakefield represented PEBB in the sale.
Germantown is known as an educated and safe community with top-rated public schools. It has the lowest crime rate of cities its size in Tennessee. Germantown is also just minutes away from Memphis business districts.