Midsouth Capital Fund
In 2010, the Midsouth Capital Fund I, LLC was formed to target more than $100 million in real estate investment opportunities throughout the Mid-South region, including Tennessee, Kentucky, north and central Alabama, Mississippi and Arkansas, with a special focus on Memphis and Nashville. Current initial equity capital committed is $45 million, with Boyle Investment Company and related entities contributing $10 million of the total.
The Midsouth Capital Fund is designed to take advantage of the unique real estate investment climate in which capital is scarce and liquidity needs in the marketplace are providing attractive acquisition opportunities. Investors can take advantage of the potential greater returns offered by high-quality real estate in what may be a coming inflationary environment. The fund enables investors to maintain a more diverse deployment of their capital and to react quickly to these real estate investment opportunities.
The Midsouth Capital Fund is targeting high-grade real estate and seeking sellers who are looking for greater liquidity. The majority of the initial investors are from the Middle Tennessee and Memphis regions. Boyle Investment Company and its affiliates handle property management depending upon geographic location. In the Memphis area, the fund is concentrating on properties within the Poplar corridor.
The first Midsouth Capital Fund transaction in the Nashville region was the acquisition of a 43,000-square-foot, three-story brick office building located at 112 Long Hollow Pike in Goodlettsville, Tennessee. The building, which was constructed in 1986, was subsequently sold.
The first acquisition in the Memphis region was the purchase of the Germantown Village Square Shopping Center strategically located at the northeast corner of Poplar Avenue and Germantown Road in Germantown, Tennessee. Boyle is handling the leasing and management of the 200,000-square-foot, two-level, mixed-use center. Major retailers at the center include TJ Maxx, Pier One, Petco, Designer Shoe Warehouse (DSW) and McAlister’s. Office users include but are not limited to Methodist Healthcare, the West Clinic and Crye-Leike.
The third acquisition was the purchase of Riverchase Village, a 178,510-square-foot shopping center situated on 15.8 in the retail hub and dynamic Hoover submarket of Birmingham, Alabama. Riverchase Village is currently 98 percent leased and includes major retailers such as Best Buy, Whole Foods, and PetSmart.
In 2015, the fund acquired 775 Ridge Lake Boulevard in Boyle’s 204-acre Ridgeway Center development in the heart of the Poplar corridor in the East Memphis submarket. The building offers approximately 112,000 gross square feet of Class A office space, and major tenants include Sparks Companies.
The Midsouth Capital Fund will continue to consider additional acquisition opportunities throughout the Midsouth region.