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National Tenant Memphis Retail Center 4651-4701 Knight Arnold Rd 145,678 SF 70% Leased Retail Building Online Auction Sale Memphis, TN 38118
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Investment Highlights
- Village Plaza, at 4651-4701 Knight Road, is a well-established retail center anchored by Planet Fitness, Family Dollar, and AutoZone.
- Value-add opportunity at 70% occupancy with a vacant big-box and endcap space – backfilling could generate over $163K in additional revenue.
- Six of the seven tenants have operated on-site for over 10 years, demonstrating the stability of income and success of retail operations.
- Located in a densely populated submarket, with more than 77K residents in a 3-mile radius, a desirable location for current and prospective tenants.
- Highly-trafficked corridor positioned at the busy intersection of Knight Arnold Road (16,458 VPD) and S Perkins Road (40,132 VPD).
- Investors have the opportunity to acquire the center at a highly attractive P/PSF, highlighting the strong value and upside potential of the asset.
Executive Summary
Berkeley Capital Advisors is pleased to present for sale Village Plaza, a 145,678-square-foot neighborhood center anchored by Planet Fitness (NYSE: PLNT), Family Dollar (NYSE: FDO), and AutoZone (NYSE: AZO), and supported by a diverse tenant base.
Currently 70% leased, Village Plaza boasts strong historical occupancy, with many tenants having been in residence for over 10 years. The plaza offers investors the opportunity to acquire a stabilized, neighborhood center with long-term, national-credit tenancy at a significant discount to replacement cost. The annual Net Operating Income (NOI) exceeds $390,000, and with further upside in leasing the remaining two vacancies at market rate, Village Plaza is an optimal investment acquisition.
Village Plaza is in a bustling commercial corridor within the Parkway Village neighborhood of Memphis. The neighborhood is located just south of Interstate 240, which connects to Interstate 40 and forms a contiguous beltway around Memphis. The neighborhood is also located 15 miles southeast of Downtown Memphis, and Route 36 of the Memphis Area Transit Authority bus connects to the city center, adding additional foot traffic and daily commuters in the immediate area. Memphis International Airport is less than 5 miles from Village Plaza, which contributes to consumer demand and spending power.
Village Plaza thrives off the Southeast Submarket’s robust demographics. The 5-mile radius is home to a growing population of 186,440 residents who generate more than $1.8 billion in consumer spending power annually. Retail synergy is prominent in the corridor, as seen by national neighbors such as Whole Foods, Target, Aldi, Walmart Neighborhood Market, Kroger, Lowe’s, and more.
Large employers retain extensive real estate footprints throughout Parkway Village, further driving demand for retail operations. Distribution centers for Nike, Kroger, Amazon, Coca-Cola, and T. J. Maxx surround Memphis International, as well as the FedEx World Hub (30,000 employees). Interstates 240 and 69 serve as the area's primary logistics arteries, adding to daily vehicle counts and growing infrastructure.
Property tours are by appointment only. Please contact the listing broker to schedule.
Currently 70% leased, Village Plaza boasts strong historical occupancy, with many tenants having been in residence for over 10 years. The plaza offers investors the opportunity to acquire a stabilized, neighborhood center with long-term, national-credit tenancy at a significant discount to replacement cost. The annual Net Operating Income (NOI) exceeds $390,000, and with further upside in leasing the remaining two vacancies at market rate, Village Plaza is an optimal investment acquisition.
Village Plaza is in a bustling commercial corridor within the Parkway Village neighborhood of Memphis. The neighborhood is located just south of Interstate 240, which connects to Interstate 40 and forms a contiguous beltway around Memphis. The neighborhood is also located 15 miles southeast of Downtown Memphis, and Route 36 of the Memphis Area Transit Authority bus connects to the city center, adding additional foot traffic and daily commuters in the immediate area. Memphis International Airport is less than 5 miles from Village Plaza, which contributes to consumer demand and spending power.
Village Plaza thrives off the Southeast Submarket’s robust demographics. The 5-mile radius is home to a growing population of 186,440 residents who generate more than $1.8 billion in consumer spending power annually. Retail synergy is prominent in the corridor, as seen by national neighbors such as Whole Foods, Target, Aldi, Walmart Neighborhood Market, Kroger, Lowe’s, and more.
Large employers retain extensive real estate footprints throughout Parkway Village, further driving demand for retail operations. Distribution centers for Nike, Kroger, Amazon, Coca-Cola, and T. J. Maxx surround Memphis International, as well as the FedEx World Hub (30,000 employees). Interstates 240 and 69 serve as the area's primary logistics arteries, adding to daily vehicle counts and growing infrastructure.
Property tours are by appointment only. Please contact the listing broker to schedule.
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Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Property Information
- Operating and Financials
- Purchase Agreement
- Title and Insurance
- Register to Bid Instructions
Market Analytics Click Here to Access
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Type of Ownership
Fee Simple
Property Type
Retail
Property Subtype
Freestanding
Building Size
145,678 SF
Building Class
C
Year Built
1970
Percent Leased
70%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
4 Exterior
Building FAR
0.31
Lot Size
10.92 AC
Parcel Number
07-3071-0-0065
Zoning
C-P - Commercial
Parking
600 Spaces (5.34 Spaces per 1,000 SF Leased)
Frontage
Space Availability
- Space
- Size
- Space Use
- Position
- Available
- 4679
- 16,400 SF
- Retail
- In-Line
- 30 Days
| Space | Size | Space Use | Position | Available |
| 4679 | 16,400 SF | Retail | In-Line | 30 Days |
4679
| Size |
| 16,400 SF |
| Space Use |
| Retail |
| Position |
| In-Line |
| Available |
| 30 Days |
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
20/100
Somewhat bikeable
30/100
About Southeast
Southeast Memphis has a diverse employment base that supports a broad range of retailers, and there is a sizable blue-collar workforce here. Firms including Nike, Tag Trucking, Ford Motor Company, and Technicolor operate major manufacturing and distribution facilities, collectively employing thousands throughout the region.
Additionally, a number of large office employers are located nearby, headlined by FedEx. The FedEx Global Headquarters employs roughly 30,000 workers, making it one of the region’s largest employers. Sedgwick, Poplar Healthcare, and ThyssenKrupp also operate offices in the area. The presence of these employers provides residents with the incomes necessary to support higher-end retail, as well.
This part of town has the highest concentration of apartment communities in the region. As a result, retailers located in Southeast Memphis have a larger base of consumers to draw from compared to many other suburban locales across the city.
A number of major roadways bisect Southeast Memphis, including state highways 78, 175, and 385. Additionally, the Memphis Area Transit Authority services the area via multiple bus routes.
Southeast Memphis generates steady interest from local and regional investors, as well as companies looking to own and operate a retail location here.
Demographics
Demographics
1 mile
3 mile
5 mile
2025 Population
17,546
79,035
186,440
2020 Population
16,718
79,167
189,868
2030 Population
17,581
78,296
183,979
2025-2030 Projected Population Growth
0.2%
-0.9%
-1.3%
Daytime Employees
2,752
37,354
125,874
Total Businesses
339
3,523
12,205
Average Household Income
$54,201
$62,285
$76,130
Median Household Income
$42,309
$48,499
$55,305
Total Consumer Spending
$125.9M
$664.3M
$1.8B
Median Age
31.8
32.9
34.9
2025 Households
5,780
29,168
74,078
Percent College Degree or Above
6%
11%
14%
Average Home Value
$192,554
$213,186
$298,957
$ values in USD
Nearby Major Retailers
Sale Advisors
Sale Advisors
Alexander McDonald, Director
Alexander McDonald joined Berkeley Capital Advisors in 2015. Prior to joining BCA, Alexander graduated from the University of Colorado at Boulder with a degree in Economics.
David Webb, Partner
After graduating from Davidson College in 2002, David Webb joined Berkeley Capital Advisors and began his career in commercial real estate. In 2011, he received his M.B.A. from the Fuqua School of Business at Duke University. Throughout his tenure at BCA, David has been involved with every aspect of the firm’s operations and has represented a variety of private, public, and institutional clients in their property acquisitions and dispositions. David is also involved in the International Council of Shopping Centers, Social Venture Partners and is on the Board of Directors of The Men’s Shelter of Charlotte and Davidson Athletic Foundation.
About the Auction Technology
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Auction Contact
Cheri Mascitelli
Contact
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3% Transaction Fee
Based on Winning Bid Amount
Minimum Transaction Fee
$20,000 USD
Maximum Transaction Fee
$300,000 USD
Example Calculation
Winning Bid Amount
$5,000,000 USD
Transaction Fee
$150,000 USD (3%)
Total Purchase Price
$5,150,000 USD
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National Tenant Memphis Retail Center | 4651-4701 Knight Arnold Rd
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