Broad Reach Retail Partners Adds New Shopping Center to Portfolio

July 16, 2018
New Shopping Center Acquisition

Broad Reach Retail Partners Just Bought the South Grove Shopping Center in Knoxville, TN

Just 8 miles from downtown, anchored by a high-volume Food City with excellent value-add opportunity.

ANNAPOLIS, MARYLAND — Broad Reach Retail Partners, an owner and operator of shopping centers, announced today the acquisition of the South Grove Shopping Center, an 83% occupied property in Knoxville, TN.

Location. Anchored by a Food City, South Grove benefits from being located 8 miles from downtown Knoxville, the major economic driver of eastern Tennessee and home of the University of Tennessee.

Size. The center consists of 89,201 square feet of leasable property, spread across 13 acres.

Occupancy. The center is 83% occupied, with just 15,152 of vacant space for rent. An additional 5.5 acres of land for development is also included in this deal.

Tenants. In addition to Food City, tenants include Pet Supplies Plus, Lowe’s, Great Clips, Gondolier’s Pizza, Fort Sanders Medical Center, American Family Dentistry plus a variety of local services and companies.

Demographics. Within a five-mile radius are nearly 40,000 consumers who, on average, have a household income of $56,000.

“The South Grove Shopping Center combines a stable, high-performing center with the added potential for significant retail growth,” said Nate Tower, the founder and chief executive of Broad Reach.

“As we’ve done with dozens of other properties, we’re confident we can develop the center’s retail potential while returning a profit for both our investors and the Knoxville community.”

About Broad Reach

Broad Reach Retail Partners is a privately held, fully integrated owner and operator of shopping centers. The company maximizes the full potential of underutilized shopping centers through focused leasing, disciplined redevelopment, and meticulous management.

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