The 64,106-square-foot Target shadow anchored shopping center is located in the northern Nashville suburbs
MADISON, TN (April 21, 2023) – Franklin Street has arranged the sale of Village at RiverGate, a 64,106-square-foot retail shopping center in Madison, Tennessee, for $8.1 million, or approximately $126.35 per square foot. The property is shadow-anchored by Target.
Franklin Street’s Atlanta-based Retail Investment Sales Team of John Tennant and Bryan Belk represented the seller, Atlanta-based Hendon Properties, in the transaction. The buyer was a local private investor.
“We are pleased to deliver successful execution in a challenging capital markets environment, as interest rates were raised several times during our transaction, coupled with the ongoing credit crunch on regional banks which occurred during our due diligence period,” said John Tennant.
“We feel retail is an asset class that we will continue to see transactions in as opposed to other asset classes, which are still dealing with negative leverage,” said Bryan Belk.
Built in 1981, the property recently underwent renovations in 2020 including upgraded façade and storefront improvements. In addition to shadow anchor Target, Village at RiverGate features a unique tenant lineup of brands, including Jo-Ann Fabrics, GameStop, Chuck E. Cheese and We Rock the Spectrum.
Situated on 6.56 acres at 2056 Gallatin Pike N., Village at RiverGate benefits from the main retail corridor of Highway 31, which sees an average daily traffic count of over 30,580 vehicles and attracts 1.2 million visits annually. Further, it is located near national retailers including Walmart, Dick’s Sporting Goods, Bed, Bath & Beyond, Burlington and Hobby Lobby, among others.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With $7 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide. Learn more about Franklin Street at FranklinSt.com.