Dealmaker: JLL Arranges $125M For Lifestyle Retail Center in Tennessee

(Photo courtesy of JLL)

JLL Capital Markets, Chicago, arranged $125 million in cash-out refinancing for The Avenue Murfreesboro, a 846,500-square-foot mixed-use lifestyle center in Murfreesboro, Tenn.

JLL worked with borrower Big V Property to secure five-year, balance sheet financing.

Built in 2007, the open-air property is 93.1% leased to tenants including Best Buy, Belk, Dick’s Sporting Goods, Haverty’s Furniture and Barnes & Noble.

Big V acquired the property in September 2020 and has created significant value in three years of ownership through a capital improvement plan and strong new and renewal leasing activity since acquisition. 

The Avenue Murfreesboro sits 30 minutes south of downtown Nashville in Rutherford County. Positioned with direct visibility and signage along I-24 (126,590 annual average daily traffic), the property serves a large trade area, with ingress and egress via three signalized access points along Medical Center Parkway. Performance at the property has been driven by demographic drivers, including a 66% population growth from 2010 to 2022 and an average household income of $96,620 within a three-mile radius.

The JLL Retail Capital Markets Debt Advisory team was led by Senior Managing Directors Chris Drew and Brian Dawson and Managing Director Matt Casey.

The Big V Property Group Capital Markets team was led by Bryan Kallenberg, Vice President of Capital markets, and included Dean Lumish, Senior Analyst.

“This is a terrific example of a best-in-class retail operator that identified significant value in the broader Nashville market,” Drew said. “After this strategic acquisition in the depths of COVID, the team has now executed on their leasing and management plan to position The Avenue Murfreesboro as one of the top retail destinations in the Southeast.”