Amstar Sells $44M Retail Asset to TIAA-CREF, Lists 45-Acre Commercially Entitled Tract Cool Springs
- Jul 09, 2014
By Eliza Theiss, Associate Editor
HFF has announced the closing on the sale of the 95,000-square-foot Southside at McEwen, a high-end trophy grocery store located in the Nashville MSA. The commercial real estate and capital markets services provider marketed the Whole Foods-anchored property on behalf of the seller, Amstar. The sales team was led by managing directors Jim Hamilton and Richard Reid and senior managing director Mark Sixour.
Although HFF did not disclose the buyer, or the selling price, the Nashville Business Journal identified the new owner as Teachers Insurance and Annuity Association – College retirement Equities Fund. Commonly known as TIAA-CREF, the buyer is a Fortune 100 financial services organization and the leading provider of retirement to people employed in the academic, research, medical and cultural fields. TIAA-CREF paid $44.4 million for the Cool Springs, Tenn. asset.
Completed in 2012, Southside at McEwen was co-developed by Amstar and Southern Land Co. on the corner of West McEwen Drive and Mallory lane. Anchored by a 45,000-square-foot Whole Foods, the property is 97 percent leased and includes a tenant roster other high-end retailers such as lululemon, fab’rik, charming charlie, BrickTop’s and Mountain High Outfitters.
Southside of McEwen is part of the 93-acre McEwen mixed-use development in Franklin, Tenn.’s Cool Springs submarket. About 50 percent developed, McEwen comprises residential, retail, restaurant and office projects including the 175,000-square-foot McEwen Office building. Adjacent to the recently sold grocery store is a six-story, Class A office building that was also developed by Amstar in partnership with Southern Land. HFF recently announced that it received the exclusive sales marketing contract for the 44.89-acre Northside at McEwen on behalf of seller Amstar. The undeveloped tract is currently entitled for 870,000 square feet of commercial space, 580 attached residential units and 150 hotel rooms.
“Northside at McEwen is located in Williamson County, the most affluent and fastest growing county in Tennessee,” says HFF Managing Director Jim Hamilton. “This offering represents one of the last opportunities to acquire this scale of undeveloped real estate in Cool Springs.”
The Cool Springs submarket is the dominant high-end business, shopping and entertainment district in the greater Nashville area.
Click here to read our Q&A with Southern Land VP of mixed-use development Michael L. McNally, Jr.
Image courtesy of Amstar