Press

PM Realty Group
1000 Main St, Suite 2400
Houston, Texas 77002
MEDIA CONTACT:
Whitney Williams
Marketing & Communications Manager
PMRG
(713) 209-5935

Mar 22, 2006

PM REALTY GROUP BROKERS SALE OF MEMPHIS RETAIL CENTER

MEMPHIS, Tenn. - Officials with PM Realty Group (PMRG), a national, full-service commercial real estate firm, today announced the company brokered the sale of Market at Summer Oaks, an 87,347-square-foot retail center, shadow anchored by the grocer ALDI.

The single-story property sits on eight acres on the north side of Summer Avenue, just west of North Perkins Road and south of Interstate 40 in Shelby County. Easy access to upper-income residents in the affluent neighboring Memphis submarket has attracted growing interest by national retailers, positioning the property to quickly fill remaining vacancies.

"We were able to sell the asset for an impressive price per square foot after signing two new junior anchor stores, ALDI at 15,889 square feet and Harbor Freight at 15,233 square feet, which provide stable income for the new owner," said Stephannie Mower, executive vice president and managing director of investment services of PMRG's national Investment Services division. "The long-term stability of the area is also apparent by the addition of a new Lowe's home improvement center across the street from the property. This momentum creates abundant opportunity for the new owner with the many value-added buyers scouring secondary markets for ideal reposition-ready properties."

About PMRG

PMRG merged operations with Madison Marquette in June 2018 to create a new leader in commercial real estate. The firm offers PMRG’s leasing, property management, investment management and development services, combined with Madison Marquette’s specialized development, investment and marketing expertise. Madison Marquette’s strength in retail and mixed-use assets joins PMRG’s office, medical, industrial and multi-family capabilities to provide national leadership across asset classes. PMRG’s dominance in the southern US combines with Madison Marquette’s presence in primary gateway markets on both coasts to serve the top institutional owners and investors in the industry. The company provides leasing and management services to a diverse portfolio of 330 assets in 24 states and manages an investment portfolio valued at over $6 billion. The combined company is headquartered in Washington, DC with a major presence in Houston, TX. With 600 professionals in 12 regional markets, the merged firm is a member of the Capital Guidance group of companies.