Suburban Plaza in Knoxville, TN has New Owners
Nashville, TN – Baker Storey McDonald Properties, Inc., a Nashville-based brokerage,investment and development retail firm, announced today their third acquisition for this year – the purchase of Suburban Plaza, a 127,000 SF 88% occupied regional community retail center in Knoxville, TN from Centro Properties Group for $10 million.
Tony D’Ambrosio and Joe Montgomery of Colliers Spectrum Cauble, one of Atlanta’s top commercial real estate firm and affiliate of Colliers International represented the seller, Centro Properties Group. “We’re pleased to successfully execute a transaction in this environment. Both buyer and seller should be commended for their deal making; for the purchaser it represents a very well located value-add opportunity in their backyard, and for the seller it’s a strategic disposition from a large and widely dispersed portfolio.”
Financing for the acquisition was arranged by Stephen Brink at First Southern Mortgage through ORNL Federal Credit Union of Oak Ridge, TN. “We have been keeping a close eye on the market this past year and Suburban Plaza fits our criteria; this is a long term and solid investment for us with significant potential to add value,” said Steen Watson, Senior Director of Acquisitions for Baker Storey McDonald Properties, Inc. “The center is anchored by two strong national retailers, Barnes & Noble and Toys “R” Us and is home to a number of other successful local and regional tenants.”
Located on Kingston Pike and North Winston Road, Suburban Plaza is adjacent to the West Town Mall, which draws shoppers throughout East Tennessee. “We will begin renovations after the first of the year, which will include a new façade, signage and store fronts.” said Carl Storey, CPM, CSM, Principal of Baker Storey McDonald Properties, Inc. “With our experience and knowledge of development, this property gives us the opportunity to update and upgrade the center and produce a viable and profitable property. The opportunity here is a perfect match with our core strengths as a company and our successful track record with similar projects.”
Baker Storey McDonald Properties, Inc. will immediately begin overseeing property management and leasing of Suburban Plaza. “We are excited to add Suburban Plaza to our portfolio,” said Felissa Daugherty, CPM, Senior Property Manager. “This is a strong tenant-based center, great location and a wonderful opportunity for us as we add this center to our other asset we own in the Knoxville market.”
Baker Storey McDonald Properties, Inc. stated back in February they had the capabilities and financing to re-position new assets. “Our strategy is proving to be successful, we have stayed focused and realistic.” said Allen McDonald. “We will continue to watch the market for available retail properties at attractive prices.”
About Baker Storey McDonald Properties, Inc. (www.bsmproperties.com) Baker Storey McDonald Properties, Inc. was formed by David Baker, Carl Storey and Allen McDonald with the desire to bring proven retail solutions to their clients with speed, accuracy and integrity. Baker Storey McDonald Properties, Inc. is a brokerage investment and development firm, which includes a team of property management experts to oversee the daily operations of both company-owned and client’s retail
properties. Baker Storey McDonald Properties, Inc. services the retail real estate community throughout the mid-south region and has tripled in size since the firm was established in 2002.
About Colliers Spectrum Cauble Atlanta (www.colliers.com)
Founded in 1967, Colliers Spectrum Cauble provides a wide range of services to owners and users of commercial real estate. Their clients benefit from the market knowledge of one of the most experienced groups of real estate professionals in Atlanta. Additionally, their clients enjoy a national and international reach through their ownership in Colliers International, who has 294 offices in 61 countries.