Equity Street Acquires Nashville Shopping Center in $141M Deal

Hines traded the 843,248-square-foot suburban retail property seven years after acquiring it for $163 million.
The Avenue Murfreesboro. Image courtesy of Equity Street Capital

Hines has sold The Avenue Murfreesboro, an 843,248-square-foot open-air shopping center outside of Nashville, Tenn., to a joint venture between Equity Street Capital and Big V Property Group for $141.3 million. Public records show that the asset last changed hands in the summer of 2013, when Hines bought the property for $163 million from Cousins Properties and Faison Enterprises.

Located on 96.3 acres at 2615 Medical Center Parkway in Murfreesboro, Tenn., The Avenue has six multi-tenant structures, eight outparcels and five parcels for future development. The property’s largest tenants include Belk, World Market, Barnes & Noble and Old Navy.

Situated some 30 miles southeast of downtown Nashville, the shopping center is on the northwestern side of Murfreesboro alongside Interstate 24. Several hospitality properties are on the asset’s northern edge, and Sterling Organization’s 671,000-square-foot Stones River Town Centre—the nearest major shopping mall—is 2 miles southeast.

The retail sector continues to face an uphill battle due to the intersection of the pandemic’s effects with longer-term shifts away from brick-and-mortar demand. Store closings and bankruptcy filings have followed suit: At the end of August, Lord & Taylor became the latest casualty of the downturn.