A recent Collierville sale is proving how hot the area’s retail market is.
Memphis-based Gill Properties recently sold a Collierville retail building for $2.5 million, more than three times what the company paid for it in late 2011.
“It seems like anything you put up for sale [in Collierville] is going to be gobbled up. It’s very dynamic. We had no trouble finding a buyer for [the property], and we actually had a backup,” said Patty Bullock, who brokered the deal for her employer, Gill Properties.
Between its 2011 acquisition to its recent sale, the 11,000-square-foot building, located at 1204 W. Poplar Ave., underwent a $1.2 million renovation, transforming it from a restaurant property into a three-tenant, fully leased retail center. Gill initially bought the property for $782,500.
“[The value is] based on the cash flow that the leases provide. … Not only did [Gill Properties owner Ray Gill] provide the investment in the property, he also provided the tenant income,” said NAI Saig Company’s Bryan Evans, who represented the buyer — an investment group that used the company name TH Magnolia Sands, LLC for the transaction.
Bullock said Gill Properties will invest the cash from the transaction into Travure, its $90 million Germantown mixed-use project.
Evans said his client plans to hold onto the building as a long-term investment.