Brixmor Sells Suburban Nashville Retail Asset
The nearly 300,000-square-foot shopping center is anchored by Publix and home to Bed Bath & Beyond, PetSmart and a number of other retailers.
By Jeff Hamann
Oakwood Commons in Hermitage, Tenn.
Brixmor Property Group Inc. has sold Oakwood Commons, a 276,448-square-foot Nashville-area retail asset, to Big V Capital. The new owner paid $24.4 million for the property and funded the acquisition with a five-year, floating rate $17.9 million loan issued by Citizens Bank, according to Davidson County public records. The 15.2-acre parcel is subject to a 99-year ground lease, with a family trust holding title to the land.
Located at 4670 Lebanon Pike in Hermitage, Tenn., the retail asset sits approximately 12 miles northeast of central Nashville, directly accessible via U.S. Highway 70. The suburban shopping center, built in 1988, is anchored by a Publix grocery store. The property is 89 percent leased to a mix of tenants, including Ross Dress for Less, Bed Bath & Beyond and PetSmart. A number of outparcels are home to other retailers, such as McDonald’s, Wells Fargo Bank and Bank of America.
An HFF team led by Jim Hamilton and Richard Reid marketed the property for sale, and the firm’s Gregg Shapiro and Matthew Beam led a debt placement team which secured the mortgage for the buyer.
Image via Google Maps
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