Poplar Plaza Shopping Center: $25.1 million refinancing secured for Memphis retail center

Memphis, TN JLL Capital Markets has secured a $25.139 million financing for Poplar Plaza, a 350,000 s/f grocery-anchored retail center.

JLL worked on behalf of the borrower, Finard Properties, in arranging the seven-year, fixed-rate loan through Renasant Bank.

Poplar Plaza, located at 3450 Poplar Ave., where approximately 47,000 vehicles pass daily, just a quarter mile from the University of Memphis campus with its 21,000+ students. The property occupies a prime location in Memphis' geographical center with excellent accessibility and visibility.

Memphis continues to show strong economic growth with $13 billion in revitalization projects over the past four years. The city's diverse economy is anchored by logistics, healthcare and manufacturing sectors.

The retail center is anchored by Kroger, which has operated at this location for over 72 years and has 19 years remaining on the initial lease term of 30-yearsOther notable tenants include Old Navy, Petco, Paul Mitchell, Boards to Beers (a board game café), Feast & Graze (a charcuterie board cafe) and four other restaurants.

The financing will support the repositioning of "The Angle," a 14,015 s/f multi-bay building on the hard corner of Poplar Ave. and South Highland St., continuing to bring new activity to the entire center.

JLL Capital Market’s Debt Advisory team was led by Senior Managing Directors Brett Paulsrud and Gregg Shapiro, Managing Director Amy Lousararian and Associate Michael Schwarze.

"This financing highlights the exceptional strength and enduring value of strategically located, grocery-anchored retail centers like Poplar Plaza, where tenant performance continues to thrive," said Paulsrud. "The center's prime location combined with the sponsor's impressive track record and longstanding history with the property created tremendous enthusiasm among lenders, making this an exceptionally attractive investment opportunity."