By Patrick Lantrip
A 198,103-square-foot shopping center in the heart of Bartlett has sold for $28.8 million.
In the deal, The Bartlett Towne Centre, located at 6005 Stage Road, was acquired by Atlanta-based private real estate investment firm Branch Properties LLC from Houston, Texas-based real estate investment trust, Weingarten Realty.
Built in 1989, the Kroger-anchored retail center sits on just under 18 acres at the southeast quadrant of Stage Road and Bartlett Boulevard. Earlier this year, the Shelby County Property Assessor appraised the property for $18.5 million.
According to documents filed with the Shelby County Register of Deeds, the shopping center has 27 other tenants besides Kroger, including Petco, Dollar Tree, Rent-A-Center and several restaurants.
Mark D. Stout, senior vice president/general counsel for Weingarten, signed the deed on its behalf, while Richard H. Ross, Branch Properties’ executive vice president and CFO, signed for the buyer.