Hastings Entertainment center in Tennessee is acquired
The Northfield Crossing Shopping Center in Murfreesboro, Tennessee, that featured a Hastings Entertainment store has been purchased by Baker Storey McDonald Properties on behalf of an unnamed client. Terms of the sale were not disclosed.
Meanwhile, RCS Real Estate Advisors announced it would be auctioning off 120-plus store leases for the bankrupted music, movie, and video game retailer. The chain’s inventory was purchased by Hilco Merchant Resourses and Gordon Bros. Retail Partners in a Chapter 11 filing.
Hastings Entertainment was founded in 1972 by Sam Marmaduke, who as head of Western Merchandisers first convinced Walmart to carry music and continued to supply the chain until 1994.
“With Hastings Entertainment closing for business, this is a wonderful opportunity to revamp Northfield Crossing by facilitating improvements to the center and bringing in new tenants to serve the local community,” said Allen McDonald, a partner in the Tennessee real estate brokerage that is part of the X Team International alliance.
The new owners of Northfield Crossing will call upon its School of Marketing & Management at nearby Middle Tennessee State University to assist in a rebranding campaign for the center.
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