HFF closes sale of approximately 200,000-square-foot Memphis-area shopping center
HOUSTON, TX – February 7, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Stateline Square, a 219,914-square-foot, fully-leased retail center in the Memphis-area suburb of Southaven, Mississippi.
HFF marketed the asset on behalf of the seller, Conn’s HomePlus.
Fully occupied by Conn’s HomePlus, Burlington Coat Factory, Essex Bargain Hunt and Home Décor, Stateline Square has a 1.4-acre site for a future outparcel development. The center was constructed in 1995 and renovated in 2007, with the Conn’s addition completed in 2016. Located at 550 Stateline Road and 570 West Main Street, Stateline Square is situated on the hard corner of Stateline Road and Interstate 69/55 just over the border separating Mississippi from Tennessee in Memphis. Its Interstate 55 location places the center on the thoroughfare to the nation’s third largest gaming destination, Tunica, Mississippi, and provides the center a traffic count of approximately 69,000 vehicles per day
The HFF investment sales team representing the seller was led by senior managing director Ryan West.
“Stateline Square represented a great opportunity for the purchaser, already an owner in the trade area, to acquire a well-located asset with below-market rents and a vacant pad site to boot,” West said. “The property backs up to the Tennessee state line, so, while located in Mississippi, it also attracts customers from Tennessee and benefits from a diverse demographic trade area.”
About Conn's, Inc.
Conn's is a specialty retailer currently operating over 110 retail locations in Alabama, Arizona, Colorado, Georgia, Louisiana, Mississippi, Nevada, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee and Texas.
The company's primary product categories include:
• Furniture and mattress, including furniture and related accessories for the living room, dining room and bedroom, as well as both traditional and specialty mattresses;
• Home appliance, including refrigerators, freezers, washers, dryers, dishwashers and ranges;
• Consumer electronics, including LED, OLED, Ultra HD, and internet-ready televisions, Blu-ray players, home theater and portable audio equipment; and
• Home office, including computers, printers and accessories.
Additionally, Conn's offers a variety of products on a seasonal basis. Unlike many of its competitors, Conn's provides flexible in-house credit options for its customers in addition to third-party financing programs and third-party rent-to-own payment plans. Visit conns.com for more information.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.