BOSTON — JLL Capital Markets announced that it has arranged a $25.139 million refinancing for Poplar Plaza, a 350,000-square-foot grocery-anchored retail center located in the heart of Memphis.
The seven-year, fixed-rate loan was secured on behalf of Finard Properties, the owner and operator of the property, through Renasant Bank, according to a press release from JLL.
Situated at 3450 Poplar Avenue, the center sits at a high-traffic intersection with approximately 47,000 vehicles passing daily, just blocks from the University of Memphis, which enrolls more than 21,000 students. Its central location offers excellent accessibility and visibility in one of the city’s busiest corridors.
Poplar Plaza is anchored by Kroger, a tenant at the site for over 72 years, with 19 years remaining on its current lease. Other tenants include Old Navy, Petco, Paul Mitchell, and local businesses like Boards to Beers, a board game café, and Feast & Graze, a charcuterie board café, along with four additional restaurants.
The newly secured financing will support continued enhancements to the center, particularly the repositioning of “The Angle,” a 14,015-square-foot multi-bay building at the intersection of Poplar Avenue and South Highland Street. The redevelopment aims to attract new tenants and foot traffic, further energizing the shopping destination.
“This financing highlights the exceptional strength and enduring value of strategically located, grocery-anchored retail centers like Poplar Plaza, where tenant performance continues to thrive,” said Brett Paulsrud, Senior Managing Director at JLL. “The center’s prime location combined with the sponsor’s impressive track record and longstanding history with the property created tremendous enthusiasm among lenders.”
Memphis remains a growth market, with $13 billion in revitalization projects completed over the last four years. The city’s economy is anchored by key sectors such as logistics, healthcare, and manufacturing, which continue to drive commercial investment and consumer demand.
The JLL Capital Markets Debt Advisory team for this transaction included Senior Managing Directors Brett Paulsrud and Gregg Shapiro, Managing Director Amy Lousararian, and Associate Michael Schwarze.
