Inked: Pinnacle plans new retail branch in Raleigh

By Andy Ashby – Daily Memphian

February 13, 2026

Pinnacle Financial Partners has purchased a 1.1-acre site in a Raleigh shopping center to build a new retail branch, bringing the center one parcel closer to being fully occupied.

The bank paid $350,000 for the site at 3585 Austin Peay Highway.

The Marketplace at Raleigh is an 8.5-acre site that was purchased by Marketplace Development LLC from the City of Memphis for $850,000.

The company built and sold a store to Starbucks. It then sold parcels that were developed into Bojangles, Chick-fil-A and Tropical Smoothie Cafe. Patriot Bank occupies a parcel in the center.

“The city tried for several years to sell the property with no luck before my client came in to buy it,” Shawn Massey, executive vice president and partner with TSCG, said.

Massey represented the buyer alongside associate Sidney Seale. Ryan Thomas, senior vice president with Cushman & Wakefield | Commercial Advisors, was the buyer’s representative in the transaction.

The area changed when the City of Memphis tore down the nearby Raleigh Springs Mall and replaced it with the $65 million Raleigh Civic Center. That project included a police station, a library and a skate park.

“That really cleaned up the intersection and allowed for all this other development to take place,” Massey said.

Adding businesses to the Marketplace at Raleigh also contributed to development across the street, according to Massey, and led to deals for Whataburger and other retailers.

“All of that went across the street because of what we did on this side of the street,” Massey said. “It really kind of changed the neighborhood.”

A former New York Suite Exchange space is for sale via auction near Wolfchase Galleria, with bids starting at $150,000.

The 21,970-square-foot vacant end cap sits next to Hobby Lobby at 7980 US Highway 64 in Bartlett.

Built in 1999, the property has direct access to Stage Road.