The Village At RiverGate
Closed2056 Gallatin Pike N, Madison, TN 37115
Property type
Retail
Unit / Space count
7
Price
$8,100,000
Building size
64,106 sf
Rentable area
64,106 SF
Year built
1981
Year renovated
Occupancy
Zoning code
Lot size
6.56 Acres
Sold/status
Sold · Date unknown
Sale price
$8100000
CAP
8.49%
Net Operating Income
$687,716
Property description
The Village at RiverGate is a 64,106 square-foot regional shopping center anchored by Jo-Ann Fabrics and shadow-anchored by Target in Madison, Tennessee. Madison is a northern suburb of the hot Nashville MSA and just 10 miles north of downtown Nashville. For more than a decade, Nashville, Tennessee has been one of America’s hippest and fastest-growing cities. Anchored by the country-music industry and boosted by a hospitable state tax climate, the city and surrounding region attract businesses and residents. While its music scene made it a tourist mecca, Nashville also lured a generation of college-educated transplants, earning a position as one of the country’s new “brainpower cities.” The largest employers in the Nashville market include Vanderbilt University & Medical Center, Nissan, HCA Holdings, Asurion, Dollar General, Bridgestone, Shoney's, and Cisco. The Village at RiverGate has undergone a complete exterior transformation with upgraded facade and storefront improvements, refreshed building paint and landscape enhancements. Traffic generators around the center include Walmart, Academy Sports, Dick's Sporting Goods, Bed, Bath & Beyond, Ross Dress for Less, Burlington, DSW, and Hobby Lobby. The property is shadow-anchored by Target and the RiverGate Mall, a 1.1M-square-foot mall anchored by Dillard’s and JCPenney. Target has a significant pull from the north as there is not another location until you get to Kentucky. RiverGate Mall has over 100 stores within its boundaries. The property has excellent visibility off Highway 31, with 30,580 vehicles traveling past the site daily. The area itself is known for its thriving antique district, parks, wineries, bed and breakfast and historic sites. Jo-Ann Fabrics acts as the anchor to the center and signed an extension during the heights of COVID. Chuck E Cheese has been in the center 40+ years and recently renovated their space in 2021 further showing commitment to the property. There have been discussions on the redevelopment of the RiverGate Mall into a mix-use community and this center would benefit as it sits on the perimeter of the mall site. The property has convenient access to surrounding highways and Interstate 65 leading into downtown Nashville. Many major employers have offices in the submarket including Dollar General, which has over 2,700 employees in their corporate headquarters near The Village at RiverGate.
Property highlights
- Regional shopping center in the Nashville market shadow-anchored by Target
- Nashville ranked #1 city for economic growth in 2021
- Main retail corridor: Hwy 31 has 30,580 VPD and The Village at RiverGate attracts 1.2M visits annually according to Placer.AI
- Leasing upside: 8,000 SF unit to be leased as upside for buyer
- Nashville's population has boomed to over 2M residents with a 20% growth rate over the last 10 years
- Target completed a major interior and exterior renovation in 2021 adjacent to the property, showing further commitment to the site
- Customers stay on the site an average of 45 minutes