{"id":1004087729,"date":"2013-12-02T09:28:04","date_gmt":"2013-12-02T17:28:04","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=221720"},"modified":"2020-04-14T22:03:05","modified_gmt":"2020-04-15T06:03:05","slug":"nordstrom-to-open-new-store-in-strong-nashville-retail-market","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nordstrom-to-open-new-store-in-strong-nashville-retail-market\/","title":{"rendered":"Nordstrom to Open New Store in Strong Nashville Retail Market"},"content":{"rendered":"

By Eliza Theiss, Associate Editor<\/em><\/p>\n

\"\"<\/a>Nordstrom Inc., the popular Seattle-based retailer, has announced plans to open a new Tennessee location in the affluent Nashville suburb of Brentwood. The new store is a Nordstrom Rack (Nordstrom discount retail division) and will occupy 36,000 square feet at Brentwood Place Shopping Center. It will be the company\u2019s first Rack location in Tennessee. The brand first broke into Tennessee in 2011 when it launched a full-line store at The Mall at Green Hills.<\/p>\n

Managed by Baker Storey McDonald Properties, Brentwood Place is strategically located in Brentwood, Tennessee\u2019s most business friendly city for the second year in a row, according to The Beacon Center of Tennessee<\/a>, a nonprofit, nonpartisan research organization. The 310,000-square-foot power center is anchored by Kroger, TJ Maxx Home Goods, Steinmart and Office Depot. Although no information has been released in regards to what tenant Nordstrom Rack will replace, according to Brentwood Place\u2019s October brochure, only 6,658 square feet of space were available for leasing. Discount clothing retailer Steinmart however, leases exactly 36,000 square feet in Brentwood Place.<\/p>\n

\"\"<\/a><\/p>\n

Nashville Retail Vacancy Rate Q3 2013<\/p>\n<\/div>\n

Carl Storey, a principal at Baker Storey McDonald Properties, expressed satisfaction with Nordstrom\u2019s decision to locate its first Rack at Brentwood Place. He said in a press statement, “They are joining an outstanding group of retail merchants in one of the premier shopping destinations in the greater\u00a0Nashville\u00a0area.\u201d Brentwood is indeed one of the best Nashville submarkets for retail, a fact confirmed by Colliers International data. According to Colliers<\/a>\u2019 evaluations, Brentwood was the tightest Nashville retail submarket in 2013\u2019s third quarter. The submarket features the lowest vacancy rate in the entire Nashville market with only 2.1 percent and declining, significantly smaller than the market\u2019s overall vacancy rate of 7.7 percent. Brentwood also boasts an average asking rental rate of $15.39, higher than Nashville\u2019s average of $14.32. Overall, the entire Nashville retail market has been improving, lowering its overall vacancy rate by 0.3 percent compared to the second quarter\u2014the current 7.7 percent rate is the lowest since Q2 of 2009. A somewhat low volume of supply, combined with positive economic growth numbers, are expected to keep metro Nashville\u2019s retail market strong.<\/p>\n

Image credits: Baker Storey McDonald Properties<\/em><\/em><\/p>\n

Chart courtesy of Colliers International<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Nordstrom Inc., the popular Seattle-based retailer has announced plans to open a new Tennessee location in the affluent Nashville suburb of Brentwood.<\/p>\n","protected":false},"author":49,"featured_media":1004507374,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36077,21742],"tags":[1815],"class_list":["post-1004087729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nashville-knoxville","category-latest","tag-national"],"acf":[],"yoast_head":"\nNordstrom to Open New Store in Strong Nashville Retail Market - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/nordstrom-to-open-new-store-in-strong-nashville-retail-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nordstrom to Open New Store in Strong Nashville Retail Market\" \/>\n<meta property=\"og:description\" content=\"Nordstrom Inc., the popular Seattle-based retailer has announced plans to open a new Tennessee location in the affluent Nashville suburb of Brentwood.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/nordstrom-to-open-new-store-in-strong-nashville-retail-market\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-12-02T17:28:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-15T06:03:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Brentwood-Place.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Eliza Theiss\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nordstrom-to-open-new-store-in-strong-nashville-retail-market\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/nordstrom-to-open-new-store-in-strong-nashville-retail-market\/\",\"name\":\"Nordstrom to Open New Store in Strong Nashville Retail Market - 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