Magnolia Capital Investments has made two separate Tennessee acquisitions in the past three weeks, one in Memphis and one in Shelbyville.
In its Memphis acquisition, Magnolia has purchased the 163,446-square-foot Trustmark Centre building for $19.7 million. Located at 5350 Poplar Avenue in Memphis, the nine-story, class-B+ office building is situated in the desirable East submarket.
At 93.5 percent occupancy, tenants include TrustMark Bank, Aetna Insurance and Evergreen Packaging. Shane Soefker and Jacob Biddle, principals with Avison Young’s Memphis office, represented Magnolia in the acquisition. “The East Memphis submarket has long been one of the tightest office submarkets in Tennessee. Magnolia has selected Avison Young for the leasing and property management of the property.
Earlier in October, Magnolia acquired Big Springs Shopping Center for $2.7 million. Located at 108 Lane Parkway in the heart of Shelbyville, the retail center is comprised of 86,077 square feet. Just off Highway 231, the center boasts great visibility in a convenient location.
The property is currently 86 percent leased to tenants including Dollar General, Factory Connection, United Grocery Outlet, and Goodwill. Avison Young has also been selected for the leasing and property management of the property.