PM Realty Group
1000 Main St, Suite 2400
Houston, Texas 77002
1000 Main St, Suite 2400
Houston, Texas 77002
MEDIA CONTACT:
Sommer Bukowski
PMRG | PM Realty Group
713.209.5810 (office)
214.621.3317 (cell)
sbukowski@pmrg.com
Sommer Bukowski
PMRG | PM Realty Group
713.209.5810 (office)
214.621.3317 (cell)
sbukowski@pmrg.com
FOR IMMEDIATE RELEASE
Mar 22, 2006
PM REALTY GROUP BROKERS SALE OF MEMPHIS RETAIL CENTER
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."
About PM Realty Group
Headquartered in Houston, PM Realty Group (PMRG) is a privately held real estate firm of more than 1,300 employees and 21 divisional and regional offices that conducts business in every major state.With more than 50 years of experience, PMRG provides services to a portfolio valued in excess of $30 billion. The firm’s diversified client base includes institutional and private investors, real estate investment trusts, government agencies, corporations and healthcare service providers.
PMRG focuses on creating value for its clients and offers a full spectrum of real estate services, including property and facility management, leasing, marketing, investment sales, construction management and engineering. In addition, PMRG partners with clients in comprehensive development and joint venture investment programs.