ATLANTA, Jan. 3, 2023 - JLL Capital Markets announced today that it has closed the sale of the grocery-anchored Eastgate Shopping Center, which consists of 388,489 square feet of retail space and 66,354 square feet of office space, located in Memphis, Tennessee.

JLL represented the seller, Arrow Retail, and an affiliate of Gulf Coast Commercial Group, Inc acquired the asset.

Eastgate Shopping Center's retail space is 95 percent occupied, and notable tenants include The Fresh Market, TJ Maxx, buy buy Baby, Dollar Tree, Ross, Burlington, Five Below, Michaels, Rack Room Shoes, Tuesday Morning, Plato's Closet, DXL Men's Apparel, Firestone, Firehouse Subs and Mellow Mushroom Pizza Bakers. Nearly 60% of the GLA has over 10 years of tenure. Additionally, the office space is 49 percent leased to a diverse mix of tenants.

Located at 835 S. White Station Rd., Eastgate Shopping Center is set between Downtown Memphis and Germantown and proximate to numerous economic drivers, including several Fortune 500 and 1000 corporate headquarters. The center has access to a population of almost 80,000 and a daytime population of almost 120,000. The property is surrounded by the affluent East Memphis neighborhood, with average household incomes exceeding $200,000. Additionally, it is less than 30-minutes to downtown Memphis.

The JLL Retail Capital Markets Investment Advisory team representing the seller was led by Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan and Associate Andrew Kahn.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Inc. published this content on 03 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 January 2023 15:37:02 UTC.