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PEBB acquires second Tennessee property


PEBB Enterprises has acquired Germantown Village Square in Memphis, its second property in Tennessee.

The Boca Raton-based REIT paid $28 million for the 199,629-sq.-ft. mixed-use power center, which houses TJ Maxx, DSW, and Petco alongside office space predominantly occupied The West Clinic, a subsidiary of Baptist Memorial Health Services.

“The real estate fundamentals of Germantown Village Square epitomize the acquisition criteria that we look for in our growing portfolio,” said PEBB’s investment director Rob Truett.

PEBB did not disclose the occupancy rate of the center, but noted it was not rented to capacity and was actively seeking tenants.

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