By Dennis Seid
TUPELO – After losing one of its major tenants two years ago, Barnes Crossing Plaza had some difficulty filling in a good bit of what it considered prime retail space.
But times have changed for the 157,700-square-foot shopping center, built in the mid-1990s near The Mall at Barnes Crossing on Mall Drive.
An exterior facelift last year brought a much-needed new look with earth-tone paint as well as new awnings.
Burke’s Outlet opened earlier this year in the former Books-A-Million, which shuttered in late 2011.
ATC Fitness also filled a large space in the center, and Hut No. 8 recently opened.
Smaller tenants like Oreck, Wet Paint and Weight Watchers fill up Barnes Crossing Plaza, which also includes national retailers Toys R Us, Office Max, T.J. Maxx and Hobby Lobby.
With 100 percent occupancy, commercial real estate company CBRE Memphis has put the retail center on the market.
The asking price: $15 million.
CBRE Memphis, which could not be reached for additional comments posted on an Internet listing that the NNN expense for Barnes Crossing Plaza is 2.34, or $2.34 a square foot.
An NNN, or triple-net, lease is a lease agreement on a property in which the tenant or lessee agrees to pay all real estate taxes, building insurance and common area maintenance (the three “nets”).
In the case of Barnes Crossing Plaza, the NNN lease would be more than $369,000 annually.