Originally posted at Commercial Appeal
The Shops at Carriage Crossing has been bought by Edwards Realty Company and Core Acquisitions for $25 million, the companies announced Tuesday.
The 514,000-square-foot site in Collierville is home to a variety of retailers including Barnes & Noble, Dillard’s and Sephora as well as dining options like Bonefish Grill and Stix.
“Our team seeks out properties which are located in the path of residential and commercial growth that have strong community and civic attributes ― The Shops at Carriage Crossing directly aligns with this vision,” said Ramzi Hassan, president of Edwards Realty Company. “While Carriage Crossing is already a staple for the Collierville community, we see a great deal of opportunity to revitalize and energize the property through our hands-on curated approach.”
The purchase is a joint venture between the two firms. Both are based in the Chicago area.
Hassan said Carriage Crossing was well positioned to provide retail and entertainment options as Collierville continues to see residential growth.
“With the right amount of creative investment, we’re confident that the property will be a premier destination for residents, area visitors and office workers to come together for shopping, dining and community events,” Hassan said.
The sale closed March 14.
“Our team’s broad knowledge of the retail landscape and consumers’ evolving preferences have allowed us to successfully execute our strategy at shopping centers across the country,” said Adam Firsel, managing principal of Core Acquisitions. “We look forward to working with the community to transform The Shops at Carriage Crossing into an example of what a modern day lifestyle center should be.”
The new ownership has hired Memphis-based landlord brokerage firm Jones Aur Commercial Real Estate to draw in new tenants to the mall.
John Duncan, director of economic development for the town of Collierville, said Carriage Crossing has long been an asset for the community.
“The acquisition of this facility by Edwards Realty, a firm with a track record of revitalization and repurposing, positions the center for future growth and success. We are excited to welcome this new partner to our community,” Duncan added