The existing shopping center on the site was developed in 2007and is currently 96% occupied. Tenants include CitiTrends, DollarTree, Shoe Show, Ashley Stewart, Simply Fashions, SunTrust Bank andMarty's. Leasing rates at the property range from $10 per squarefoot to $16 per square foot for the larger spaces, says Ami Ziff,asset manager with TEI.

"According to our data, the Memphis market is an underservedretail market with a dense population and a strong service sectorsupported by a growing convention and tourism industry," saysBodnar. "Our plan for the property is to leverage national anchorsto enhance the strength of the inline tenant mix."

TEI currently owns another 75,000 square feet in Memphis and islooking to acquire more retail properties in the Southeast based ondemographics and population increases, including the continuedmigration trend of Northeasterners, says Bodnar. "We will continueto look for properties with an emphasis on strong infilllocations," he reports.