Acquisition Date: March 2023
Carriage Crossing is a 514,000 square foot lifestyle center located in one of the most affluent and rapidly growing suburbs of Memphis, Collierville, Tennessee. Originally developed in 2005, the property is comprised of nine retail buildings across more than 70 acres at the intersection of Bill Morris Parkway and Houston Levee Road. The center features best-in-class retailers and restaurants including H&M, Forever21, Barnes & Noble, Firebirds, Carrabba’s, and Bonefish Grill, and is shadow anchored by Dillard’s Department Store, Courtyard Marriot and Fairfield Inn & Suites. In 2023, the eastern suburbs of Memphis, Collierville, Germantown and East Memphis, enjoy a market vacancy rate of just 5%, illustrating the strong demand for retail in this market.
Collierville, Tennessee is a premier location for business, lifestyle and access to the Memphis MSA. With an affluent and rapidly growing population, Collierville provides access to award winning schools, safe neighborhoods and a low cost of living. More than 80,000 residents with average household incomes of $141,151 live within a five-mile radius of the Property. With limited development opportunities in Germantown, developers are focused on new communities in Collierville, which puts Carriage Crossing squarely in the path of growth for new household formation. FedEx’s World Technology Center (2,500 employees) and Orgill’s world headquarters (400 employees) are located less than one mile north of Carriage Crossing and support high-paying jobs that attract new residents.