Shops of Forest Hill is a 228,070 – square foot grocery-anchored community center in Germantown, Tennessee, an affluent, prestigious submarket in the Memphis MSA. Built in 1991, the property is anchored by Sprouts Farmers Market, Marshalls, Malco Theaters and Target (NAP), Joann’s and Home Centric. The Shops of Forest Hill is located at the southeast corner of Poplar Avenue and Forest Hill Irene Rd., with more than 20,000 vehicles passing the site daily.
The Shops of Forest Hill serves an established, yet growing, affluent trade area, with nearly 134,000 residents with average household incomes of $108,000 living within five miles of the center. That income level spirals upward to more than $170,000 within a one-mile radius of the property. Located in Shelby County, Tennessee’s largest county (encompassing most of the Memphis MSA), Germantown is a highly affluent city with a Triple-A bond rating from both Moody’s and Standard& Poor’s – one of only 61 cities in the nation to achieve that status. The Shops of Forest Hill is located within a retail corridor of 10.9 million square feet with high barriers to entry for any future retail development.
Sprouts Farmers Market (NASDAQ: SFM) is an Arizona-based grocery chain operating more than 200 stores nationwide. The Shops at Forest Hill store has anchored the center since 2015 and is one of five Sprouts Farmers Markets in the Memphis MSA.
Marshalls (NASDAQ: TJX) is an off-price retail apparel and home fashion chain headquartered in Framingham, MA. Marshalls has been a tenant at The Shops of Forest Hill for more than 20 years, and recently renewed for 10 years, testimony to its success at this location. Malco Theaters, based in Memphis, TN, operates 33 locations across Arkansas, Kentucky, Mississippi, Missouri and Tennessee and spent more than $2 million renovating its theater at The Shops at Forest Hill.