{"id":1004702019,"date":"2024-02-12T05:16:33","date_gmt":"2024-02-12T13:16:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004702019"},"modified":"2024-02-13T12:37:12","modified_gmt":"2024-02-13T20:37:12","slug":"equitable-property-buys-mixed-use-development-site-in-nashville","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/equitable-property-buys-mixed-use-development-site-in-nashville\/","title":{"rendered":"Equitable Property Eyes Big Nashville Mixed-Use"},"content":{"rendered":"\n<p><strong>Equitable Property Co<\/strong>. of Nashville has purchased a 44-acre site in Smyrna, Tenn., where it will imminently begin to develop Sewart\u2019s Landing, a new mixed-use project. <strong>JLL<\/strong> brokered the sale.<\/p>\n\n\n\n<p>In a partnership with <strong>Chapman Capital<\/strong>, Equitable purchased the land from the Town of Smyrna.<\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a2d7d29f3132&quot;}\" data-wp-interactive=\"core\/image\" class=\"wp-block-image size-large wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004702051\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/equitable-property-buys-mixed-use-development-site-in-nashville\/sewart-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Sewart.png\" data-orig-size=\"2066,802\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Sewart\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Sewart.png?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"398\" width=\"1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Sewart.png?w=1024\" alt=\"Sewart\u2019s Landing in Smyrna, Tenn., will feature two medical office buildings, street-level retail, a 240-key hotel and 75 for-sale townhomes\" class=\"wp-image-1004702051\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Sewart.png 2066w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Sewart.png?resize=300,116 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Sewart.png?resize=768,298 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Sewart.png?resize=1024,398 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Sewart.png?resize=1536,596 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/Sewart.png?resize=2048,795 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Sewart\u2019s Landing in Smyrna, Tenn., will feature two medical office buildings, street-level retail, a 240-key hotel and 75 for-sale townhomes. <em>Image courtesy of Equitable Property Co.<\/em><\/figcaption><\/figure>\n\n\n\n<p>The development\u2019s master plan calls for two medical office buildings totaling up to 400,000 square feet, up to 250,000 square feet of street-level retail, a 240-key hotel and 75 for-sale townhomes. Leasing efforts will be led by JLL Senior Associate Kipper Worthington and Land Deleot, Equitable\u2019s founder.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/retails-return-is-the-sector-2024s-sleeper-hit\/\">Is Retail 2024\u2019s Sleeper Hit?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>Phase I of Sewart\u2019s Landing will break ground this March and is set to deliver in the first quarter of 2025. JLL has already secured retail tenants for the project\u2019s first phase, including Starbucks, Wawa, Jonathan\u2019s Grille, a national grocer and others.<\/p>\n\n\n\n<p>In a prepared statement, Worthington said that only one outparcel is not yet spoken for, and that JLL is in negotiations with 10 further tenants for the remaining 50,000 square feet of single- and multi-tenant retail in Phase I.<\/p>\n\n\n\n<p>The development will be sited at the corner of Sam Ridley Parkway and Highway 41 and will feature a pedestrian-focused street grid, community green space and a walking trail surrounding the property.<\/p>\n\n\n\n<p>The development team includes <strong>Fulmer Lucas <\/strong>and <strong>Lowen<\/strong> <strong>+ Associates<\/strong>, both of Nashville, as the civil engineers and architects, respectively. Land planning and entitlement were led by <strong>Kiser + Vogrin Design<\/strong>, of Franklin, Tenn.<\/p>\n\n\n\n<p>Sewart\u2019s Landing is also supported by a $26 million-plus TIF from Rutherford County.<\/p>\n\n\n\n<p>Smyrna is within 25 miles of Nashville and enjoys an average household income of about $94,000. In addition, 2,600 residential units reportedly are under construction adjacent to the site on Genie Lane and will feature direct access to Sewart\u2019s Landing via a crosswalk.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-music-city-heat\">Music City heat<\/h2>\n\n\n\n<p>The Nashville retail real estate market is booming, buoyed by exceptional economic and population growth, according to a November report<strong> <\/strong>from<strong> Matthews Real Estate Investment Services<\/strong>. \u201cOver the last 12 months, retail rental rates have surged, registering one of the fastest growth rates in the nation, with an impressive annual increase of 6.5 percent.\u201d<\/p>\n\n\n\n<p>Net absorption has exceeded 200,000 square feet in seven of the most recent eight quarters, leading to an overall vacancy of just 3.3 percent, nearly a 15-year low, Matthews reports.<\/p>\n\n\n\n<p>Consistent with that environment, last October saw <a href=\"https:\/\/www.commercialsearch.com\/news\/big-v-secures-125m-refi-for-nashville-area-shopping-center\/\">Big V Property Group secure a $125 million refinancing<\/a> for The Avenue Murfreesboro, in the Nashville MSA. The lifestyle center totals almost 850,000 square feet and is anchored by H&amp;M, Belk, Barnes &amp; Noble, Haverty\u2019s Furniture, Old Navy, Dick\u2019s Sporting Goods, Best Buy and Burlington. It\u2019s 93.1 percent leased.<\/p>\n\n\n\n<p>Later that same month, <a href=\"https:\/\/www.commercialsearch.com\/news\/tanger-opens-290-ksf-nashville-shopping-center\/\">Tanger Outlets opened a 290,000-square-foot open-air shopping center<\/a> in southeast Nashville. Tanger Outlets Nashville features seven buildings and 60 stores, including Ugg, Coach, Pottery Barn, J. Crew, Gap, Levi\u2019s and Bath &amp; Body Works.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plans for this suburban site include medical office, street-level retail and other components.<\/p>\n","protected":false},"author":882,"featured_media":1004702047,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21754,21752,36077,21742,21749,32781],"tags":[32796,35596],"class_list":["post-1004702019","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-medical-office","category-mixed-use","category-nashville-knoxville","category-latest","category-retail","category-southeast","tag-jll","tag-matthews-real-estate-investment-services"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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