Matthews™ Closes Two-Property Shopping Center Portfolio

Shopping Center Portfolio Sale in TN

 

TENNESSEE — Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the sale of a two-asset shopping center portfolio in Tennessee.  Matthews™ Senior Vice Presidents Kyle Stonis and Pierce Mayson and Associate Vice President Boris Shilkrot represented the seller in the transaction.

 

The portfolio included Elk Crossing, 753 West Elk Ave, Elizabethton, TN, and Cumberland Crossing, 2500 Jacksboro Pike, Lafollette, TN. Elk Crossing is anchored by Ross, United Grocery Outlet, and Workout Anytime. Cumberland Crossing is anchored by Big Lots and Ross, with Lowe’s as a shadow anchor. Together, the centers have a combined gross leasable area of 170,900 square feet and an overall occupancy of 99.44%.

 

The portfolio was sold by Big V Property Group and purchased by Vishal 1, LLC.

 

“We’re excited to have navigated a challenging assumption process on the way to transacting on two more solid community center assets in Tennessee,” Stonis said. “Elk and Cumberland Crossing are great fits for our buyer’s portfolio, and this was a very positive outcome for all parties.”

 

Please contact agents for pricing and additional information.

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 25+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.