Dealmaker: Equity Street Capital JV Acquires Shopping Center for $141M
Equity Street Capital, San Diego, and Big V Property Group, Charlotte, N.C., acquired The Avenue Murfreesboro near Nashville for $141.3 million.
Hines Retail, Houston, sold the 843,300-square-foot power center in an off-market transaction. The Nashville Post reported Hines purchased The Avenue in 2013 for $163 million.
The Equity Street-Big V purchase represented the largest shopping center transaction in the country this year.
The Avenue Murfreesboro contains six multi-tenant buildings, eight freestanding outparcels and five vacant pads on just under 100 acres in one of Tennessee’s most active retail trade areas. Nashville was named to the Penske Top Moving Destinations’ list of the fastest-growing areas last year. Murfreesboro also ranks among the 10 fastest-growing metros in the United States.
The center sits on Medical Center Parkway with frontage on Interstate-24 in a growing trade area within commuting distance to Nashville. Anchor stores include Best Buy, Dick’s Sporting Goods, Belk, H&M and Petco.
Equity Street Capital owns 30 retail, multifamily, mixed-use and office properties. Big V Property Group owns 46 shopping centers.