Nashville Mixed-Use Commands $50M

Edgehill Village, a nearly 60,000-square-foot mixed-use property located near Music Row in Nashville, has changed hands for $50 million.

The seller, Asana Partners, was represented by a JLL Capital Markets team led by Managing Director Brad Buchanan and Senior Managing Director Jim Hamilton. The buyer was not disclosed.

Located at 1200, 1201, 1207 and 1209 Village Place in Nashville’s Edgehill neighborhood, Edgehill Village comprises several buildings with retail and office space. The property is situated at the convergence of the city’s fastest-growing submarkets, including Vanderbilt University, The Gulch, 12 South and Wedgewood Houston.

Originally built between 1920 and 1934, the site was renovated in 2016. The property’s tenants include such shops such as Warby Parker, Consider the Wldflwrs jewelry store, Vow’d bridal shop, Framebridge, Ralph Lauren and J. Crew Men’s Shop. Restaurants and bars include Old Glory, Barcelona Wine Bar, Egghill, Bella Napoli, Jack Brown’s, Sadie’s and Van Leeuwen Ice Cream.

The mixed-use property’s strategic location, strong tenant mix and growth potential in one of the most sought-after investment markets in the country attracted investor interest, according to JLL.

Ansana Partners acquired the majority interest in the property from a team of Nashville and Atlanta investors in 2017. Terms of that deal were not disclosed at the time but the investor group had paid $8.9 million for the mixed-use site in 2014, Nashville Business Journal reported.

Ansana action

Ansana Partners has $7 billion of neighborhood retail assets under management in growth markets throughout the United States. In September, Ansana Partners purchased Skillman Live Oak, a 74,653-square-foot retail neighborhood center in Dallas, from BGO in a deal also brokered by JLL Capital Markets. That three-building property has a mix of national and regional tenants that includes Pizza Hut, MetroPaws, UPS, Gallery Central, Sunstone Yoga, Crossfit and Buzz Brews.

Last March, Ansana Partners completed restoration of 17 of the 18 buildings at Denver’s historic  Larimer Square and signed several new tenants, including Huckleberry Roasters, a coffee shop, and Black Lapel, a men’s suit maker. The firm acquired Larimer Square in December 2020 and invested at least $20 million on restoration work, including updates to the aging infrastructure systems and building exteriors on the historic block.

In November 2022, Ansana Partners and Sterling Bay broke ground on 1050 Brickworks, a speculative mixed-use 225,000-square-foot project in Atlanta with Class A office space and ground-floor retail.

Strong retail market

Metro Nashville’s retail real estate market had 16 straight quarters of positive absorption and average vacancy of 3.1 percent, one of the nation’s lowest, according to Avison Young’s fourth-quarter report.

The demand for retail space is being driven by the area’s rapidly growing population, now at more than 2 million. The city has also gained significant economic growth from the healthcare, technology and entertainment sectors.

Last month, Regency Centers Corp. acquired Brentwood Place Shopping Center, a 320,000-square-foot property in the Nashville suburb of Brentwood, Tenn., for $118.5 million from Sarofim Realty Advisors. The firm paid $60.2 million for the asset in 2007, according to CommercialEdge. Tenants include Nordstrom Rack, Total Wine, TJ Maxx/Hom, eGoods and Golf Galaxy.

In January, Simon agreed to buy a site in Thompson’s Station, Tenn., to develop Nashville Premium Outlets, a 325,000-square-foot luxury shopping and lifestyle destination. Construction is expected to begin in 2026 on the property, which is located about 25 miles south of Nashville.