Huge V Property Group has secured $125 million in cash-out refinancing for The Avenue Murfreesboro, a 846,467-square-foot life-style retail middle in Murfreesboro, Tenn. JLL Capital Markets organized the five-year, stability sheet financing.
Huge V bought the asset in 2020 from Hines for $136.4 million, in response to CommercialEdge knowledge. Beal Financial institution supplied a $90 million acquisition mortgage, the identical supply exhibits.
Accomplished in 2007, the retail middle encompasses 11 buildings on an 85.6-acre web site. After the acquisition, Huge V created a capital enchancment plan, which resulted in a major worth rise inside the three years of possession. The property additionally advantages from the world’s prosperous inhabitants, with a median family earnings of $96,620 inside a 3-mile radius.
Anchored by H&M, Belk, Barnes & Noble, Haverty’s Furnishings, Outdated Navy, Dick’s Sporting Items, Greatest Purchase and Burlington, the open-air retail middle was 93.1 % leased on the time of the sale. The tenant roster at The Avenue Murfreesboro additionally contains a mixture of life-style and energy middle tenants resembling Barnes & Noble, Off-Broadway Shoe Warehouse, Victoria’s Secret, Michaels, Petco, Eternally 21, Value Plus World Market, Outdated Navy, Ulta, Hollister, Buckle, American Eagle and Sephora.
Senior Managing Administrators Chris Drew and Brian Dawson and Managing Director Matt Casey led the JLL Retail Capital Markets Debt Advisory staff that secured the financing.
Vice President Bryan Kallenberg and Senior Analyst Dean Lumish led the Huge V Property Group Capital Markets staff. On the finish of final yr, the corporate bought a 938,103-square-foot procuring middle in Austin, Texas. JLL Capital Markets brokered the transaction and organized the $90 million acquisition financing. Allianz Life Insurance coverage Co. supplied the five-year senior mortgage.
Nashville’s financial progress
The Avenue Murfreesboro is positioned at 2615 Medical Heart Parkway, putting it roughly 30 miles south of downtown Nashville. Situated in an prosperous and rising commerce space inside the Nashville MSA, the procuring middle information practically 6.5 million visits per yr.
The accelerated progress in Nashville’s financial system and inhabitants has considerably boosted the retail market inside the space over the previous few years. In line with a current Matthews report, retailers are drawn to Nashville’s above-average family and earnings progress. Furthermore, the metro’s inhabitants has seen a strong improve of 66 % from 2010 to 2022.