A national mall operator saw an avenue for tapping into Middle Tennessee’s growth and has purchased The Avenue mall on Medical Center Parkway.
Big V Property Group last week said it acquired its largest center to date, The Avenue – Murfreesboro from Hines Retail. The sales price was not disclosed. Houston-based Hines had bought the open-air mall in October 2017 from Faison & Associates and Cousin Properties Inc. for $163 million, according to a Murfreesboro Post story from the time.
Completed in 2007, The Avenue – Murfreesboro is approximately 843,248 square feet. Anchor tenants include Barnes & Noble, Old Navy, Dick’s Sporting Goods, Best Buy, H&M, and Bed, Bath & Beyond. Burlington is scheduled to open in 2021, Big V said. There are 68 tenants unique to the Rutherford County market.
Big V is headquartered in the city of Florida, N.Y., and has regional offices in Charlotte, N.C., and Bristol. It owns or operates 49 shopping centers, mostly in the South.
The Post asked Big V several questions. Joy Horstmann, marketing and communications director, responded.
Q: What is the sales price?
A: “We do not disclose sales prices.”
Q: When did the sale officially close?
A: “Aug. 31.”
Q: Will management be handled on-site or your corporate office?
A: “We are a fully vertically integrated property company. Property management will be handled on site with the existing team, leasing will be handled by our leasing group, and accounting will be handled by our accounting team.”
Q: Do you plan any changes to the property such as new amenities?
A: “We are long term holders of real estate. We will invest in The Avenue infrastructure and bring new amenities and shopping options to our customers. We will continue the excellent leasing momentum that Hines established to bring great options to the Murfreesboro area.”
Q: This is a challenging time for any business. What are the challenges of owning and operating a large retail center like The Avenue right now, and what are the opportunities?
A: “The challenges remain significant but we believe there are many great opportunities over the long term. When we look to invest in a center, we not only invest in the property, but we consider our investment as an investment in the area. We love the Murfreesboro area, the growth and the opportunity, and the people. We are looking forward to helping Murfreesboro continue its dramatic growth.”
Kenton McKeehan, senior managing director of Hines said, “Hines is also appreciative of the partnership formed with the Big V team to find solutions which helped us achieve our overall goals and objectives to complete the transaction in such a challenging environment. Murfreesboro is a high-quality asset that really demonstrated its strength over the last several months.”