ATLANTA (March 27, 2015) – SRS’ Southeast Investment Sales team has brokered the sale of a 137,181-square-foot community shopping center in Germantown, Tenn. The property is located at 2015 Exeter Road, which is situated at the southeast corner of the intersection of Farmington Boulevard and Exeter Road. The property, which is anchored by Hobby Lobby and Bed Bath & Beyond, was sold for $14.35 million. The seller, Finard Germantown, LLC, sold the property to Farmex Rail, LLC, an affiliate of DNA Partners, LLC, on March 19, 2015.
“We bought this property in 2006 and set about to elevate the offerings and experience for our customers. Over the course of nine years we redeveloped the center, weathered the recession, and put the property in the correct position to be profitable for years to come”, said Todd Finard, chief executive officer at Finard Properties.
“Germantown Plaza provided the buyer with a very unique opportunity to purchase an already viable shopping center in an ‘A sub-market’ with an opening going forward to build on the success the sellers had established; creating additional value at the Property and taking the asset to the next level”, said Kyle Stonis, senior vice president of investment sales at SRS. “This is the kind of core-plus acquisition opportunity that doesn’t become available often.”
Kyle Stonis, senior vice president, and Pierce Mayson, vice president, in the SRS Atlanta office represented the seller, Finard Germantown, LLC, in the transaction. The buyer, DNA Partners, LLC, did not have representation in this transaction.
About Finard Properties
Finard Properties is a Boston-based commercial real estate investment and development company with a sixty year history of success and an eye on the future. Entrepreneurial in spirit and approach, the company prides itself in spearheading transformative real estate development projects that create significant value for stakeholders. Finard Properties is active in the areas of asset acquisition and management, ground-up development, redevelopment, and property repositioning. To date, the company has focused primarily on the retail, office, and hospitality sectors throughout New England with market presence in the mid-south and western United States. For more information, please visit www.finardproperties.com.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 20 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, investment services and management services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.
###