Collierville retail property sells for three times 2011 purchase price by Jacob Steimer

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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.

Ray Gill, principal of Gill Properties, (left) and Brown Gill, vice president of Gill… more


"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.

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