Biltmore Property Group acquires Western Plaza and Melrose Place in Knoxville.
An Asheville, N.C.-based company has acquired a pair of shopping centers in Bearden.
Biltmore Property Group said in a news release that it has purchased The Shops at Western Plaza, at 4315 Kingston Pike, and Melrose Place, at 5614 Kingston Pike. A purchase price was not disclosed.
BPG is a development firm with 15 properties, and is the largest real estate owner in Historic Biltmore Village, a shopping center located at the entrance of the Biltmore Estate, in Asheville.
The company said in the news release that it will have a regional office at Melrose Place. “We are thrilled to acquire two well-known shopping centers in Knoxville and plan to make improvements, enhance the tenant mix and continue to manage them as first-class shopping centers for years to come,” regional general manager Morgan Bromley said in the release.