Newmark announced today the sale of Shoppes at Millington Farms, a 106,495-square-foot shopping center located at 8540 U.S. Highway 51 North in Millington, Tennessee. Ryan Commercial Properties sold the center to Living for Life Apartments, LLC.
Built in 2017, the shopping center is 100% leased and features several name-brand tenants that include Ross Dress for Less, Five Below, Petco, Burke’s Outlet and Dunham’s Sports. The quality new construction ensures that investors will have minimal capital expenditure exposure for the foreseeable future.
“Demand for shopping centers in suburban and secondary markets continues to accelerate,” Fleming said. “With consumer fundamentals remaining strong and a healthy local economy that supports disposable income, we anticipate that Shoppes at Millington Farms will generate significant value gains for the new owners in the years to come.”
Approximately 20,000 people live within a 5-mile radius of the property. The average annual household income in the area is more than $64,000.
The transaction reflects a bullish outlook by investors on shopping centers located in suburban areas, especially in Memphis and other high-growth Sun Belt markets. Recent studies show that over the past three years, the Memphis MSA has grown to become the 49th largest metro economy in the United States. The region’s gross domestic product increased by almost 17% from 2007 to 2017.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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