| Nashville Retail
Much of the development in the Nashville, Tennessee, area
is occurring in the counties surrounding the city, primarily
Rutherford, Sumner and Wilson. The development is demand-driven
and a response to continued population growth in those areas,
says Paul Gaither, senior associate with CB Richard Ellis
in Nashville. In the case of Rutherford and Wilson counties,
major infrastructure improvements such as new interstate highway
interchanges are opening up new areas for retail development.
CB Richard Ellis
The Murfreesboro market is also experiencing tremendous growth
and is planning for three new interstate exits along Interstate
24. These changes should stimulate numerous development opportunities
in the future. Currently, a number of sites are planned for
new retail development, including a proposed regional mall site.
New retail development includes a 400,000-square-foot community
center in the Hendersonville market. This center, which has
been partially completed, is anchored by Target and Kohls
and will soon have Kroger as well as a number of junior anchor
tenants. The project is significant in that it will be
a regional destination for the communities of Hendersonville
and Gallatin, notes Gaither. The name of the development
is Glenbrook Shopping Center, and the developer is a local group/partnership
known as Sumner 2000 LLC.
Some of the most active local developers include GBT Realty,
Newton Oldacre McDonald, Southstar and Market Land Company.
With the entrance of Publix into the market, there are also
a number of nationally known developers pursuing opportunities.
Publix entered the market last year with the acquisition
of seven former Albertsons stores. The retailer plans to build
on that presence with new store development. According to
local real estate professionals, a few sites have been approved,
but no construction has commenced.
©2003 France Publications, Inc. Duplication
or reproduction of this article not permitted without authorization
from France Publications, Inc. For information on reprints
of this article contact Barbara
Sherer at (630) 554-6054.