Boyle Investment Sells Nashville Retail Center for $45M
- Feb 03, 2020
Boyle Investment Co. has sold Lion’s Head Village, a retail center anchored by one of the four Trader Joe’s locations in Tennessee. Stockbridge purchased the property for $45.3 million.
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Located at 90 White Bridge Road, the nearly 100,000-square-foot retail center is home to department stores including Stein Mart, as well as thrift chain Plato’s Closet. The Trader Joe’s location opened in October 2019. Other such stores are situated in Nashville and two in other Tennessee cities. Nearby in a retail center at 26 White Bridge Road, a Target store is also considered to be a shadow anchor for Lion’s Head Village.
The 9.57-acre site is also 4 miles away from downtown Nashville and 2 miles from Vanderbilt University. Overall, Lion’s Head Village is located in a very affluent area of Nashville, with more than 73,200 residents whose households have an average income of $128,184 and a total buying power of $4.3 billion.
The Belle Meade/Green Hills submarket is one of the most highly sought-after submarkets in Nashville, according to Senior Managing Director Jim Hamilton, who led the JLL Retail Capital Markets team that represented Boyle Investment in the transaction. The deal was secured by HFF before it was acquired by JLL in July 2019.
New development in Nashville
In a similar deal in February 2018, Boyle sold another Nashville-area retail asset in Mount Juliet, Tenn. The company traded Providence Commons, a 110,137-square-foot retail center to TA Realty. Outside of their retail assets, Boyle also completed a 324,000-square-foot Class A office development in May 2019. The company delivered the 10-story building at 500 11th Ave. N. in downtown Nashville two years after breaking ground.