ATLANTA – Colliers International, a global leader in commercial real estate services, has closed the sale of Pigeon River Crossings, a 390,248-square-foot shopping center in Pigeon Forge, Tenn. A subsidiary of Horsham, Pa.-based Capmark Financial Group sold the shopping center to a private investor based in Tennessee for $5.15 million, or $13 per square foot.
Senior Vice President Joe Montgomery and Vice President Tony D’Ambrosio of Colliers International’s Atlanta-based Southeast Retail Investment Sales Group and Executive Vice President Tony Vaughn in Colliers International’s Nashville office represented the seller in the transaction. Tim Zitzman and Dixon Greenwood of Ball Realty in Knoxville represented the buyer. The sale closed October 15.
The indoor shopping center, which was 50 percent occupied at the time of the sale, is located at the gateway to the Great Smoky Mountains National Park, the most visited U.S. national park. Pigeon Forge, which is home to the popular Dollywood theme park, attracted 10.5 million visitors in 2012.
“The new owners saw this as a fantastic opportunity to participate in the continuing growth in Pigeon Forge and draw new tenants to this exciting and vibrant entertainment destination,” said Joe Montgomery.
Pigeon River Crossings, previously called Belz Factory Outlet Mall, was developed by the Belz family of Memphis in 1989. Capmark foreclosed on the previous owner’s $25-million loan in August 2011. Located at 2655 Teaster Lane, the shopping center’s tenants include Nike Factory Outlet, Tuesday Morning, Burke’s Outlet, Burlington Brands, Dress Barn and Old Time Pottery.