EASTON — Rise Partners, a Chattanooga, Tenn.-based investment group focused on shopping center acquisitions, redevelopments and ground-up development, has announced its purchase of Easton Marketplace, a 126,650-square-foot shopping center. This is Rise Partners’ second acquisition and is a solid fit to its strategy of buying premium location redevelopment opportunities, the firm said in a press release.
“Easton Marketplace provided us with an excellent chance to enter a market with high barriers to entry, that has the added benefit of serving a large second home market, with additional drive-through traffic from the Washington, D.C., metro area en route to the Atlantic beaches,” Greg Wilson, a Rise partner, said. “We are excited about working with retailers and the city of Easton to take this center to the next level.”
A redevelopment beginning this fall will subdivide a now-vacant 33,000-square-foot former JCPenney store to create two new tenant spaces, which will be occupied by well-known national retailers, according to the firm. The project will complement the existing tenants, which include Weis Markets and shadow anchors Lowes and Kohls.
“Easton is such a beautiful and historic community with easy access to Washington, D.C. and Baltimore. We are all excited to spend time there working to enhance Easton Marketplace’s longstanding position within the market,” Rise partner Geoff Smith said.
Andy Stape and Vito Lupo, of KLNB Retail Investment Sales Group, represented the seller.
According to the firm’s website, Rise Partners was formed last year in Chattanooga by real estate investors Matt Phillips, Jay Wiseman, and Smith; Wilson joined soon thereafter and established a Charlotte, N.C., office.
Combined, Smith and Phillips have more than 10 million square feet of development and redevelopment experience across 12 states, totaling approximately $1.7 billion of project costs, while Wiseman has $7 billion of acquisition experience. Wilson brings a retailers perspective as he has overseen all aspects of real estate for a major department store chain’s portfolio including 30 million square feet of commercial space throughout the Southeast. The team has decades of experience across many property types, including large regional power centers, regional malls, neighborhood grocery anchored centers, community centers, single tenant net leased buildings, distribution centers, office buildings and mixed-use developments.
The firm’s first acquisition was Jackson Plaza, a 350,000-square-foot shopping center in Cookeville, Tenn., according to the firm’s website. Existing tenants at the shopping center include Belk, TJ Maxx, Old Navy, Dunham’s Sports, Food Lion, Books a Million and Petco.
According to chattanoogan.com, construction began in December at Jackson Plaza to subdivide a former Sears store for a 55,000-square-foot Hobby Lobby and a 20,000-square-foot space for another national retailer. Construction is expected to be completed by this summer.
According to herald-citizen.com, the purchase price for Jackson Plaza was $30.2 million.
To learn more about the company, visit www.RisePartners.net or find them on LinkedIn at www.linkedin.com/company/rise-partners-chattanooga.