MEMPHIS-Time Equities Inc. has purchased Lamar Crossing, a 64,800-square-foot retail center for $6.6 million in an all-cash transaction. The seller is Lamar South LLC based in Chattanooga. A 1.7-acre parcel of land with entitlements for an additional 20,000 square feet of retail has been included in the deal. At the moment, New York-based TEI does not have plans for the site, says asset manager Dean Bodnar, but will probably look to build on it in three to five years.

The existing shopping center on the site was developed in 2007 and is currently 96% occupied. Tenants include CitiTrends, Dollar Tree, Shoe Show, Ashley Stewart, Simply Fashions, SunTrust Bank and Marty’s. Leasing rates at the property range from $10 per square foot 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 underserved retail market with a dense population and a strong service sector supported by a growing convention and tourism industry,” says Bodnar. “Our plan for the property is to leverage national anchors to enhance the strength of the inline tenant mix.”

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