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Anchor Investments buys another Memphis-area property

By Published: February 26, 2019 4:00 AM CT

Nashville-based real estate investment firm Anchor Investments LLC has acquired Millington Plaza shopping center for $4.55 million.

The 141,000-square-foot retail center at 8209 U.S. 51 N. in Millington was 74 percent occupied at the time of the purchase on Feb. 20, according to a release from Memphis-based Cushman & Wakefield/Commercial Advisors. Anchor Investments paid about $32 per square foot for the center.

Landon Williams with Commercial Advisors represented the seller, Millington Partners L.P. and Buffalo Properties L.P.

Wyatt Woeltje of Hickman Realty represented Anchor Investments.

Millington Plaza's tenants include Dirt Cheap, Planet Fitness, Tractor Supply Co. and Goody's.

Anchor Investments has a strategic focus on income-producing properties in the Southeast. The company has owned Memphis properties since its founding in 2009, and recently bought two properties in the area, according to the release.

Earlier this month, Anchor Investments bought the Downtown Memphis office building that houses Emerge Memphis at 516 Tennessee St. The company paid $3.73 million for the 60,000-square-foot historic building built in 1910.


TOM BAILEY: Emerge Memphis building is sold


“Millington Plaza is a longtime staple for the town of Millington and the northern counties,” said Williams, senior vice president of Cushman & Wakefield/Commercial Advisors. “Anchor is a calculated investment group and will immediately build on the recent momentum of the property by adding additional value which will increase activity in the center.”

The Millington property fits “our strategy of buying well-located real estate with a value-add component,” said Micah Lacher, principal at Anchor Investments. “We are very excited to breathe new life into the center and continue its place as a retail staple in the Millington community. With the recent acquisition of two properties in the Memphis area, we look forward to continuing to expand our portfolio in the market.”



Topics

Anchor Investments Cushman & Wakefield Commercial Advisors

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