April 24, 2017
Florida-based Real Estate Firm Spends $29 Million on First Area Purchase
Memphis Business Journal
By Jacob Steimer
A Florida-based real estate firm purchased a 200,000-square-foot Germantown retail and office center from Boyle Investment Co. for $29 million.
That price is about $11 million more than Boyle spent for the property — Germantown Village Square — in 2011, said Mark Halperin, executive vice president and COO of Boyle. In its six years owning the property, Halperin said the company spent “a couple million bucks” on improvements — which included new paint, landscaping and parking lot renovations — and leased the office space up from 50 percent occupancy to 90 percent occupancy.
The buyer, Boca Raton’s PEBB Enterprises, owns and operates 2 million square feet of commercial space in nine states, according to its website. The Germantown Village purchase was its first in Memphis.
Boyle purchased the property using its Midsouth Capital Fund I LLC. Halperin said the structure of that investment fund is what led the company to have to sell the property but that he would have been just as happy to hold onto it otherwise.
“[Owning and then selling Germantown Village Square] was a great experience for all of us,” Halperin said.
Halperin said PEBB plans to hold onto the center for a long time and has “exciting plans” for finding new tenants for the old Office Max space that now sits vacant.