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Baker Storey McDonald Properties buys Knoxville shopping center

Nashville-based brokerage Baker Storey McDonald Properties Inc. has purchased a shopping center in Knoxville for $10 million, the company announced today.

Suburban Plaza features 127,000 square feet of space, is anchored by a Toys “R” Us and a Barnes & Noble, and is adjacent to the West Town Mall. The center is 88 percent leased.

The company announced plans this spring to focus on distressed retail properties for potential purchase. This is the company’s third acquisition of the year.

“We have been keeping a close eye on the market this past year and Suburban Plaza fits our criteria; this is a long term and solid investment for us with significant potential to add value,” Steen Watson, senior director of acquisitions, said in a news release.

The company plans to renovate the center, upgrading the facade, signs and store fronts.

The property was purchased from Centro Properties Group, which is based in Australia and has retail centers throughout the world. Financing was arranged by Stephen Brink at First Southern Mortgage through ORNL Federal Credit Union of Oak Ridge.

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