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MEMPHIS, Tenn. - Officials with PM Realty Group (PMRG), a national, full-service commercial real estate firm, today announced the company brokered the sale of Market at Summer Oaks, an 87,347-square-foot retail center, shadow anchored by the grocer ALDI.
The single-story property sits on eight acres on the north side of Summer Avenue, just west of North Perkins Road and south of Interstate 40 in Shelby County. Easy access to upper-income residents in the affluent neighboring Memphis submarket has attracted growing interest by national retailers, positioning the property to quickly fill remaining vacancies.
"We were able to sell the asset for an impressive price per square foot after signing two new junior anchor stores, ALDI at 15,889 square feet and Harbor Freight at 15,233 square feet, which provide stable income for the new owner," said Stephannie Mower, executive vice president and managing director of investment services of PMRG's national Investment Services division. "The long-term stability of the area is also apparent by the addition of a new Lowe's home improvement center across the street from the property. This momentum creates abundant opportunity for the new owner with the many value-added buyers scouring secondary markets for ideal reposition-ready properties." | 
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