Germantown Village Square has been purchased for $35.52 million by an Atlanta-based, retail-oriented property management company.
The 199,000-square-foot, mixed-use center was sold by South Florida-based PEBB Enterprises to Hendon Properties, which specializes in retail centers and has properties throughout the South. The transaction closed on Aug. 24. This is the Hendon’s fourth property in Tennessee and first in West Tennessee.
Hendon takes control of Germantown Village Square while it has 90% occupancy. Retail tenants include TJ Maxx, DSW, Old Navy, Ulta, and Five Below. The second floor of the site contains office space.
Hendon specializes in development for major national retail tenants in spaces ranging from 30,000 to 300,000 square feet, according to its website. Tenants in that range that Hendon said it works with includes Target, Walmart, Sam’s Club, Home Depot, Lowe’s, Kohl’s, Marshalls, Best Buy, Dick’s Sporting Goods, Sports Authority, and LA Fitness.
PEBB acquired the center from Boyle Investment Co. for $29 million in 2017. Boyle bought the center from Belz Enterprises for a purchase price of $14 million in 2011. The center is located at 7670 Poplar Ave. in Germantown, across from Methodist Le Bonheur Germantown Hospital.
The move is part of a larger effort to refocus PEBB on its home base.
“This disposition is part of a broader strategy to focus on investments and developments in our home state of Florida,” PEBB president and CEO Ian Weiner, said in a press release. “Germantown Village Square is a one-of-a-kind mixed-use asset in the Memphis submarket. Not surprisingly, it generated substantial interest from commercial real estate investors when we decided to market the center.”
Evan Halkias and Margaret Jones of Cushman & Wakefield represented PEBB in the sale.
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