Some retailers might be going through tough times, but retail properties in growth markets like Nashville are still attracting a lot of investor attention.
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Nashville-based Conscious Capital recently acquired the 191K SF McHenry Shopping Center for more than $21M.
Baker Storey McDonald Properties partner Allen McDonald, who repped the buyer, said the new owners will undertake promotions and other steps to create a strong sense of place for the Rivergate/Madison shoppers — just the kind of thing retail properties are striving to do in the current climate.
About 150 investment groups evaluated the offering, a result of a seller's market, according to Colliers' Jim Morris. Morris and colleague Lee Ann James represented the seller, a local partnership led by Wayne Tomlinson and Michael Taylor, with Colliers' Lee Ann James.
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Baker Storey McDonald, which is a partner of X Team International, will provide asset management, management and all leasing activities. The company will also oversee any improvements and renovations of the center.
The McHenry Shopping Center, which is 96% occupied, is one of the larger non-mall retail properties adjacent to the regional Rivergate Mall in Madison. It is anchored by Hobby Lobby, Books-A-Million and Royal Furniture. Other tenants include Panera Bread, CVS, Catherine's and Arby's.
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