Shopping center in Town Center area sold for $13M
Dec. 14—A Nashville, Tennessee-based investment firm has purchased the Town Center Commons shopping center for $13 million.
The deal for 615 Ventures to purchase the 72,000-square-foot property at 725 Barrett Parkway from Atlanta-based investment firm Ardent was announced last week by Franklin Street, the real estate firm that brokered the deal.
Town Center Commons is south of Barrett Parkway and west of Interstate 75. It is anchored by Public Lands, a new outdoor and sporting goods concept from Dick's Sporting Goods.
Other retailers at the property include Five Below, The Original Mattress Factory, Affordable Dentures & Implants, Town Center Nails, K-Town Vapor Lounge, Automation Personnel Services and Pinch of Spice.
"While rising interest rates have caused investors to reevaluate their acquisition strategies, properties like Town Center Commons, with its prime location and great upside potential, continue to make strong long-term investments," said Bryan Belk of Franklin Street. "We're pleased to have helped 615 Ventures add this asset to their portfolio."
The property also includes a vacant 2,880-square-foot "end-cap unit," a storefront at one end of the shopping center.
"Town Center Commons is well-positioned for long-term success given its diverse unit mix, including the recently opened Public Lands, as well as the opportunity to immediately generate additional revenue by filling the vacant end-cap," said John Tennant, a Franklin Street representative.
