VOL. 114 | NO. 249 | Thursday, December 28, 2000
Germantown Collection changes ownership
By SUE PEASE
The Daily News
The Germantown Collection Shopping Center located at 7810-7850 Poplar Ave. changed hands this month when owner, Murray Income Properties sold it for $9.25 million.
A Tennessee general partnership called Germantown Collection Partnership, bought the property. The partnership is comprised of Phillip McNeill Sr., chairman and chief executive officer of Equity Inns Inc., and his family members.
In addition to heading the Equity Inns hotel real estate investment trust, McNeill also owns and develops real estate and thought the Germantown property was a sound investment.
"I felt like that location in Germantown is as close to being 100 percent location as you can find. Knowing the regulations that take place in Germantown for zoning, you arent going to find any competition opening up in the area. The fact that it is on Poplar Avenue at a light is beneficial. I just thought it was a good long-term investment for my family," McNeill said.
The Trammell Crow Co. developed the property in 1987 and sold it to Dallas-based Murray Income Properties at that time. Trammel Crow has since managed and leased the property for Murray.
Trammell Crow also represented Murray in this sale. In addition to the Germantown asset, this regional portfolio includes properties in Scottsdale, Ariz.; Dallas and San Antonio, Texas; Nashville, Tenn.; and Charlotte, N.C.
The shopping center went on the market in April.
"They decided to liquidate their portfolio of assets and this was one of them," said Jeff McKinney, vice president and director of retail properties at Trammell Crow, Memphis office.
"It included five shopping centers and one industrial asset in Dallas."
The portfolio value is about $50 million McKinney said. This property was the fourth out of the six to be sold.
Allen McDonald, a retail broker in Trammell Crows Nashville office, worked with McKinney on the portfolio.
The property has 24 stores including Chilis Grill and Bar and S&K Menswear. It is 100 percent occupied.
McKinney agrees the shopping center is a prime piece of property.
"It is probably one of the nicest shopping centers in all of Memphis. It is located in the heart of Germantown and there is just no more land in Germantown, so it makes it a high value," he said.
McNeill Investment Co. will take over management of the shopping center. McNeill said there are no changes planned right now.
Trammell Crow is currently co-brokering an $80 million retail portfolio in Memphis for Lend Lease Realty Advisors. The portfolio includes five shopping centers in the Memphis area and one in Benton, Ark. They are working with Cushman Wakefield out of Dallas on the project.