Desco, Affinius Sell Memphis-Area Retail Center

Desco Group and Affinius Capital have sold Collierville Crossing, a 94,331-square-foot retail center in Collierville, Tenn., with the assistance of JLL. RCG Ventures acquired the asset for $12 million.

Built in 2004 on some 11 acres, Collierville Crossing previously traded in 2007 for $15.4 million, according to CommercialEdge information. Anchored by Academy Sports and shadow-anchored by Target, the retail property has a diverse mix of national and regional tenants such as La Hacienda, Sakura Japanese Restaurant, America’s Best Contacts and Eyeglasses, Sports Clips and Direct General Insurance.

Located at 255-295 New Byhalia Road, in Memphis’ SR 385 Corridor submarket, the shopping center serves a population of 50,000 within a 3-mile radius, with the average household income of $161,000, according to JLL. In addition, some 1,500 residential units are constructed or proposed within 2 miles.

JLL Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan and Vice President Andrew Michols led the Retail Capital Markets team that represented the joint venture.

Although retail transactions in Memphis have experienced a decline of approximately 20 percent in 2023 when compared to the previous year, certain areas are now witnessing an increase in activity, according to a recent Marcus & Millichap report. The growing suburb of Collierville saw a rise in sales last year and also achieved the fastest rent growth among Memphis’ 10 largest submarkets by inventory, the same research shows.