Big V Property Group Acquires The Avenue Murfreesboro
Big V Property Group has acquired its largest center to date, The Avenue – Murfreesboro, an 843,000 SF open-air shopping center in Murfreesboro, TN, within the Nashville MSA.
Nashville has been named to the top 10 list of fastest growing areas for 2019, according to the 10th annual Top Moving Destinations and Murfreesboro is among the 10th fastest growing metros in the United States.
The center is ideally located on Medical Center Pkwy, with frontage on I-24, in an affluent and growing trade area within commuting distance to Nashville.
The Avenue is a multi-use center, with a mix of Lifestyle and Power center tenants, anchored by H&M, Belk, Barnes & Noble, Havertys, Old Navy, Dick’s Sporting Goods, Best Buy and Burlington opening in 2021. The diverse roster of nationally recognized retailers and restaurants includes 68 unique-to-market tenants, making The Avenue a dominant shopping destination.
Big V worked closely with the seller, Hines Retail, to effectively close this purchase in a difficult environment. Jeffrey Rosenberg, President and CEO of Big V Stated: “I would like to thank both our team and the seller team in coming together to make this a success. Completing this transaction during these difficult times required re-thinking the buyer/seller relationship. We, and the seller, decided early on that the only way to
successfully transact was to work closely together as partners, not adversaries. I am incredibly pleased to close this purchase under such unprecedented circumstance and hope to execute on additional transactions in a similar fashion.”
Kenton McKeehan, Senior Managing Director, Hines Retail stated: “Hines is also appreciative of the partnership formed with the Big V team to find solutions which helped us achieve our overall goals and objectives to complete the transaction in such a challenging environment. Murfreesboro is a high quality asset that really demonstrated its strength over the last several months.”
Big V Property Group owns and operates 49 neighborhood and community shopping centers totaling over 8 million square feet, primarily located in the southern region of the US. Big V Property Group has five offices with major offices in Charlotte, NC, Bristol, TN and Florida, NY.
