COOKEVILLE – Real estate investors Geoff Smith, Matt Phillips and Jay Wiseman have formed Rise Partners, a company focused on shopping center acquisitions, redevelopments and ground-up developments.
The group brings significant experience, market knowledge and retailer relationships to bear in seeking value add opportunities in southern markets.
Combined, Smith and Phillips have more than 10 million square feet of development and redevelopment experience across 12 states, coupled with exceptional tenant relationships. Wiseman brings $7 billion of acquisition experience to round out a team capable of executing a variety of real estate strategies.
“I’m very excited about the team we have assembled here at Rise and the future of our company,” said Smith. “We have a unique opportunity to both make a difference in the communities where we invest, while providing strong, sustainable returns for our investors.”
Rise Partners closed on their first acquisition on June 27, purchasing Jackson Plaza, a 350,000 square-foot shopping center, located in Cookeville.
A redevelopment beginning this fall will subdivide a now-vacant 80,000 square foot former Sears building to create two new tenant spaces to be occupied by well-known national retailers.
However, a spokesperson for the firm says they are not able to share the names of possible tenants at this time.
“At this point we cannot share names,” John M. Alday, III, Rise Partners spokesperson, told the UCBJ. “The space will be divided into two tenant spaces and filled with national retailers. We plan on starting construction in the early fall and should be able to announce specific names at that time.”
The project will complement the existing tenants, which include Belk, TJ Maxx, Old Navy, Dunham’s Sports, Food Lion, Books a Million and Petco.
“We are thrilled to be new members of the Cookeville community,” said Phillips. “Cookeville is a growing community and home to Tennessee Tech University. The market is strategically located on Interstate 40, between Nashville and Knoxville. Jackson Plaza has a long history of success in Cookeville and we look forward to building on that success.”