Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged acquisition financing for Shops of Forest Hill, a 343,855-square-foot community center located in Germantown, Tennessee.
HFF marketed the center on behalf of the seller, Boyle Investment Company and Milton Schaeffer. Epic Real Estate Partners purchased the asset free and clear of existing debt. Additionally, working on behalf of the new owners, HFF placed the five-year acquisition loan with Wells Fargo Bank.
Shops of Forest Hill is a community center located in Germantown, the most affluent suburb of Memphis, and is anchored by Sprouts Farmers Market, Marshalls, Malco Cinemas and Target (shadow). The property is located on the “going home” side of Poplar Avenue, Germantown’s main east-west corridor, and the average household income within a one-mile radius of the property exceeds $170,000. Other national and regional tenants at the property include Mattress Firm, Sally Beauty, Hallmark, GNC, Mellow Mushroom, Allstate Insurance and Sherwin Williams.
The HFF investment sales team representing the seller was led by senior managing directors Jim Hamilton and Richard Reid and associates Brad Buchanan and Mike Allison.
The HFF debt placement team representing the borrower was led by managing director Gregg Shapiro and director Kyle Spencer.
“Shops of Forest Hill offered investors the rare opportunity to acquire a dominant community center with a dynamic tenant line-up and significant upside potential located in the highly sought after Germantown suburb of Memphis, Tennessee,” Hamilton said.
About Boyle Investment Company
Founded in 1933, Boyle Investment Company offers extensive land development capabilities, including the development of office, retail, industrial, and residential properties. Boyle provides premier locations, innovative design, and long-range planning. Boyle is a master at developing stimulating environments that endure the test of time. Their reputation for quality has been achieved through great attention to detail and service. Learn more at http://www.boyle.com.
About Epic Real Estate Partners
Epic Real Estate Partners is a commercial real estate investment firm headquartered in Austin, Texas. In conjunction with institutional partners, Epic seeks value-add opportunities in grocery-anchored and power center retail in top 60 markets, select college towns and resort communities nationwide.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
