A shopping center tucked about 15 miles northeast of downtown Memphis has changed hands for $11.1 million, with local investor Hulet Gregory's company adding another retail property to its growing stable. Wolf Run Plaza in Bartlett, Tennessee, sold to Gregory Realty GP in a deal that closes out a busy stretch of activity for the firm across the metro area.
According to Shopping Center Business, the property spans 70,659 square feet and was 94 percent leased to nine tenants at the time of sale, including Guitar Center, Gould's Academy, TCBY and Pump It Up. Cushman & Wakefield | Commercial Advisors brokered the transaction, with Landon Williams and Ryan Thomas representing buyer Gregory Realty GP. A separate account from the Memphis Business Journal describes the property as roughly 72,000 square feet with seven tenants, including Guitar Center, and places it near Wolfchase Galleria — a detail that diverges from the Shopping Center Business figures on size and tenant count.
On the seller side, Brian Califf of NAI Saig Co. represented the Kosten Alan L and Susan M Kosten Living Trust along with the Judy Rosenblum Revocable Trust, the prior owners of the center, per the same Shopping Center Business report. The outlet's account does not include the purchase price per square foot or other terms of the deal.
A Growing Portfolio for Gregory Realty GP
Gregory Realty GP's Wolf Run Plaza purchase followed its December 2025 acquisition of the 110,000-square-foot Gleneagles Court retail center at the corner of Riverdale Road and East Shelby Drive for just over $8.1 million, according to the Daily Memphian. The company has since spent more than $1 million renovating that Southeast Memphis property, the Daily Memphian reported.
Taken together, the two purchases suggest an investor willing to bet on established, well-leased centers in different corners of the metro — from the Wolfchase-area corridor in Bartlett to the Riverdale Road market in Southeast Memphis.
What It Means for the Memphis Retail Market
The Wolf Run Plaza sale lands amid a retail landscape that analysts describe as tightening in some pockets even as it loses ground elsewhere. The broader Memphis retail market carried a vacancy rate of 3.7 percent as of mid-2025, according to TSCG, even as the region absorbed roughly 317,000 square feet of negative net absorption over the prior year, largely attributed to national big-box closures. Rent growth, meanwhile, slowed to 1.8 percent year over year, though major corridors kept seeing increases, per the same report.
Separately, Marcus & Millichap's 2026 forecast notes that South Memphis single-tenant vacancy contracted by more than 300 basis points, while Germantown continues to command the metro's highest rents alongside relatively low availability. The firm expects Germantown, East Memphis and Cordova to remain competitive since they are capturing only a small share of new supply this year.
Big swings in ownership have become common across the metro's shopping centers. Heitman purchased the 350,000-square-foot Shops of Forest Hill power center in Germantown, TSCG noted, while downtown Memphis is bracing for the Neural Nexus project, expected to deliver more than 1.7 million square feet of retail, multifamily units, a hotel and an innovation center across from AutoZone Park, according to Marcus & Millichap. Against that backdrop of redevelopment and shifting tenant mixes, a 94-percent-leased neighborhood center like Wolf Run Plaza represents the kind of stable, income-producing asset that local investors like Gregory have been targeting.
