Edgehill Village, an almost 60,000-square-foot mixed-use property situated close to Music Row in Nashville, has modified palms for $50 million.
The vendor, Asana Companions, was represented by a JLL Capital Markets workforce led by Managing Director Brad Buchanan and Senior Managing Director Jim Hamilton. The client was not disclosed.
Situated at 1200, 1201, 1207 and 1209 Village Place in Nashville’s Edgehill neighborhood, Edgehill Village contains a number of buildings with retail and workplace house. The property is located on the convergence of town’s fastest-growing submarkets, together with Vanderbilt College, The Gulch, 12 South and Wedgewood Houston.
Initially constructed between 1920 and 1934, the location was renovated in 2016. The property’s tenants embody such outlets reminiscent of Warby Parker, Take into account the Wldflwrs jewellery retailer, Vow’d bridal store, Framebridge, Ralph Lauren and J. Crew Males’s Store. Eating places and bars embody Previous Glory, Barcelona Wine Bar, Egghill, Bella Napoli, Jack Brown’s, Sadie’s and Van Leeuwen Ice Cream.
The mixed-use property’s strategic location, robust tenant combine and development potential in some of the sought-after funding markets within the nation attracted investor curiosity, based on JLL.
Ansana Companions acquired the bulk curiosity within the property from a workforce of Nashville and Atlanta buyers in 2017. Phrases of that deal weren’t disclosed on the time however the investor group had paid $8.9 million for the mixed-use web site in 2014, Nashville Enterprise Journal reported.
Ansana Motion
Ansana Companions has $7 billion of neighborhood retail belongings beneath administration in development markets all through america. In September, Ansana Companions bought Skillman Stay Oak, a 74,653-square-foot retail neighborhood middle in Dallas, from BGO in a deal additionally brokered by JLL Capital Markets. That three-building property has a mixture of nationwide and regional tenants that features Pizza Hut, MetroPaws, UPS, Gallery Central, Sunstone Yoga, Crossfit and Buzz Brews.
Final March, Ansana Companions accomplished restoration of 17 of the 18 buildings at Denver’s historic Larimer Sq. and signed a number of new tenants, together with Huckleberry Roasters, a espresso store, and Black Lapel, a males’s go well with maker. The agency acquired Larimer Sq. in December 2020 and invested a minimum of $20 million on restoration work, together with updates to the ageing infrastructure programs and constructing exteriors on the historic block.
In November 2022, Ansana Companions and Sterling Bay broke floor on 1050 Brickworks, a speculative mixed-use 225,000-square-foot mission in Atlanta with Class A workplace house and ground-floor retail.
Robust Retail Market
Metro Nashville’s retail actual property market had 16 straight quarters of constructive absorption and common emptiness of three.1 %, one of many nation’s lowest, based on Avison Younger’s fourth-quarter report.
The demand for retail house is being pushed by the realm’s quickly rising inhabitants, now at greater than 2 million. The town has additionally gained vital financial development from the healthcare, expertise and leisure sectors.
Final month, Regency Facilities Corp. acquired Brentwood Place Procuring Heart, a 320,000-square-foot property within the Nashville suburb of Brentwood, Tenn., for $118.5 million from Sarofim Realty Advisors. The agency paid $60.2 million for the asset in 2007, based on CommercialEdge. Tenants embody Nordstrom Rack, Complete Wine, TJ Maxx/Hom, eGoods and Golf Galaxy.
In January, Simon agreed to purchase a web site in Thompson’s Station, Tenn., to develop Nashville Premium Shops, a 325,000-square-foot luxurious procuring and way of life vacation spot. Building is predicted to start in 2026 on the property, which is situated about 25 miles south of Nashville.
