VOL. 133 | NO. 98 | Wednesday, May 16, 2018
Faropoint Sells Two Olive Branch Retail Centers for Almost $10M
By Patrick Lantrip
Faropoint Ventures continues to remain active in the Greater Memphis Area with the sale of two Olive Branch retail centers for a combined $9.24 million.
NAI Saig Co. executive vice president Brian Califf and Elliot Embry negotiated the sale of the more than 54,000 square feet of retail space by representing Faropoint in the deal.
Califf said both centers are very high quality properties, with diverse tenants, and upside through rental growth over time.
“The retail tenants at these locations are catering to daily needs activities with a mix of restaurants, doctors, and other service related businesses,” Califf said. “These uses are very sustainable in today's current economy and are well supported by the Olive Branch community.”
Embry will continue to lead leasing efforts on both centers after closing.
The first parcel, located at 7685-7721 Hacks Cross Rd., was purchased by Dr. Alan Werner from Clarksville, Tennessee, who is rapidly growing his small retail portfolio in North Mississippi and Memphis.
The second center, located at 7501 E. Goodman Rd., was bought by a local investment group known as Prosequi Investments LLC. This marks their second retail acquisition in the Memphis market.
Meanwhile, Califf said Faropoint will be looking to re-invest its proceeds from the sales into more Memphis properties as it gradually shifts its funds focus to buying exclusively office and industrial properties in the area.