Addition of the mixed-use asset marks Bayer’s fourth portfolio asset in Tennessee, third in Memphis area
Birmingham, Alabama-based Bayer Properties has been engaged to lead the leasing and property management efforts for Eastgate Center (Eastgate), a 450,000-square-foot mixed-use office and retail power center in Memphis, Tennessee.
At Eastgate, Bayer is responsible for retail power center leasing in addition to oversight of office leasing, which includes the engagement of local brokers. The development currently boasts a mix of leading national retailers and restaurants such as Ashley Stewart, The Fresh Market, Michael’s, TJ Maxx, Tuesday Morning and Mellow Mushroom, as well as a mix of regional and local office tenants, from technology groups to tax preparation firms.
“Bayer is well-known as a leader in developing, leasing and managing outdoor, mixed-use lifestyle centers. What is not as well known is that Bayer also has a proven track record with neighborhood and power centers, two key asset groups we are focused on growing within the portfolio,” said Doug Schneider, executive vice president of operations and marketing at Bayer. “Eastgate Center presents a tremendous opportunity to deliver the wants and needs of the local consumer looking for a convenient and enjoyable shopping experience.”
Situated in the heart of East Memphis, Eastgate caters to the surrounding suburban neighborhoods, with easy access to other leading areas of Memphis. East Memphis is also a major business corridor and home to some of the area’s largest employers, including the FedEx Global Headquarters.
DeeDee Shashy, CCIM, a native of Memphis and Bayer’s top leasing producer in 2020, is leading retail leasing efforts at Eastgate. Shashy also oversees retail leasing at Germantown Collection and Carriage Crossing, two other Bayer-managed centers in the greater Memphis area.
The Eastgate announcement comes on the heels of a productive first half of the year for Bayer. In March, the company announced the hiring of Vice President of Anchor Leasing Lindsay Vetzner, who oversees big box leasing and big box development efforts across the portfolio. Vetzner will be instrumental in identifying opportunities to secure additional anchor tenants within Bayer’s operating portfolio, including at Eastgate, where he will work with Shashy to grow the retail collection. The company has also executed 22 new leases and opened 24 stores since the beginning of 2021. In May, Bayer’s leasing team was selected as one of GlobeSt.’s Top Retail Influencers, recognized for its continued successes across the portfolio, and contributions to the retail industry as a whole over the past year.
“With Lindsay, a 16-year industry veteran, working alongside DeeDee, who has immense knowledge of the market, we believe Bayer is well-positioned to provide an enhanced experience for the Memphis consumer,” said Schneider.
Over a dozen institutional investment firms have entrusted Bayer to oversee their commercial real estate assets, with Bayer currently leading leasing, management and marketing efforts at properties across the country. The Bayer portfolio also features hundreds of retail brands, including Whole Foods, Shake Shack, lululemon, Kendra Scott, Peloton and Saks Fifth Avenue, among others.
To learn more about Bayer and Eastgate Center, visit bayerproperties.com.
About Bayer Properties:
At the core of its business, Birmingham, Alabama-based Bayer Properties is committed to creating places people love and providing best-in-class experiences for the communities it serves. Founded in 1983, Bayer currently owns and/or operates single and mixed-use properties, totaling almost 10 million square feet of combined space across the U.S. Bayer offers a diverse collection of client-centric services, including leasing and merchandising, investment and asset management, development, property management, marketing services, construction and tenant coordination, and research and technology capabilities among other offerings. The award-winning firm’s portfolio features The Pizitz and The Summit in Birmingham, Alabama; Liberty Center in Cincinnati, Ohio; and The Forum on Peachtree Parkway in Peachtree Corners, Georgia; among others. For more information, visit bayerproperties.com or follow the company on Twitter and LinkedIn.
