MEMPHIS—Countryside Center, a retail center ina Memphis suburb, just sold for a 9% cap rate. Dollar Generalanchors the 35,500-square foot neighborhood shoppingcenter. The sale price was not disclosed.
Gary Shanks, a broker at ShoppingCenter Group, represented the seller, a Midwest-based lifeinsurance company. John Reed, a broker at Shopping Center Group,represented the buyer, a private California-based investor.
“Typically, neighborhood centers trade at higher caprates as was the case with Countryside Center,” saysReed. The purchaser saw the long-term potential value of thisasset and owns similar properties throughout the Southeast andMidwest, thus making the center an attractive buy.”
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