NASHVILLE, Tenn., January 6, 2011—X Team International, an international alliance of retail real estate advisors with expertise in more than 45 major markets throughout the U.S., Canada and Europe, announced today that Nashville-based partner Baker Storey McDonald Properties, Inc. (BSM) has purchased the Belle Forest Shopping Center from an undisclosed seller for $2.5 million. BSM Principal Allen McDonald made the announcement.
The 40,000-square-foot retail center is located at the intersection of Highway 70 South and Old Hickory Boulevard in Bellevue, Tenn. Tenants currently include Blockbuster, Boost Fit Club and Alley Pub, among others.
As part of their investment portfolio dedicated to well-located, income-producing shopping centers, BSM will manage and lease the asset and intends to reposition it through a coordinated leasing and redevelopment effort. Belle Forest Shopping Center is the third acquisition by the firm in the last year.
Both BSM and the seller represented themselves. Terms of the deal were not disclosed.
“Belle Forest is quality real estate with great upside potential. Our successful track record of upgrading shopping centers with aggressive marketing and leasing initiatives should allow Belle Forest to become an important part of the Bellevue retail landscape,” said McDonald.
X Team is an international alliance of retail real estate specialists with offices located in major cities throughout the U.S., Canada and Europe. X Team partners average more than 20 years of industry experience, with expertise in major markets worldwide, specializing in tenant, property and developer/landlord representation, workout services, property dispositions and retail investments. X Team services include transaction negotiation, portfolio analysis, lease valuations, acquisitions, and asset assessment and valuation. For more information, please visit www.xteam.net.
Baker Storey McDonald Properties, Inc. is headquartered in Nashville, Tennessee. BSM serves the retail real estate community throughout the central south and provides tenant representation, project leasing, property management, development, and investment services. In addition to the services that Baker Storey McDonald Properties provides its clients, the firm acquires retail real estate in target markets in the southeast. For more information, please visit www.bsmproperties.com.