By Dennis Seid
TUPELO – A privately held real estate investment company has bought Barnes Crossing Plaza.
The retail center, which is located on Mall Drive north of The Mall at Barnes Crossing, was put up for sale last fall for $15 million.
Built in 1996, Barnes Crossing Plaza is anchored by Hobby Lobby, TJ Maxx, OfficeMax, Toys R Us and Burkes Outlet. It also includes national and regional retailers Weight Watchers, ATC Fitness, Oreck and Hut No. 8.
Officials said Barnes Crossing Plaza is 96.8 percent occupied.
CB Richard Ellis Memphis sold the 157,700-square-foot retail center on Jan. 8 to CPP Barnes Crossing SPE LLC, an affiliate of Columbus Pacific Properties.
Financial details of the transaction were not disclosed.
CBRE Memphis represented Sun Life Assurance Co. of Canada, which acquired Barnes Crossing Plaza in 2006.
Columbus Pacific Properties, is a national real estate investment company based in Santa Monica, Calif. The company was founded in 1995 and has purchased and redeveloped more than 5 million square feet of retail properties and 3,100 multi-family units. Columbus Pacific said it has provided more than $200 million in equity to projects with a value of more than $1.4 billion.
CBRE Memphis, which has managed and leased Barnes Crossing Plaza since 2008, will continue that role, officials said.