Franklin Street Arranges $31.75M Sale of Retail Power Center in Madison, Miss.
Madison, Miss. (July 17, 2019) – Franklin Street has arranged the $31.75 million sale of Forum at Grandview, a 216,144-square-foot shopping center located at 175 Grandview Boulevard in Madison, Miss., approximately 15 miles from Jackson, the state capital. John Tennant and Bryan Belk of Franklin Street’s Atlanta office represented the seller, Chattanooga, Tenn.-based CBL Properties. Hendon Properties acquired the property, which is shadowed by a Walmart Supercenter and Sam's Club along Interstate 55, the region’s major retail corridor.
Forum at Grandview was developed in three phases in 2010, 2012, and 2016. Ninety-nine percent of the income base is made up of national tenants such as Dick's Sporting Goods, ULTA, Best Buy, Michael's, and Home Goods, among others.
“Due to the unique building codes for the town of Madison, the shopping center has exceptional architectural features that make Forum at Grandview significantly more appealing than traditional power centers,” said Belk, senior director of investment sales at Franklin Street. “The buyer plans to hold the asset as a long-term investment and focus on developing the remaining vacant parcels on the property.”
About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.