Granwood Village
Nashville TN Retail Asset at Attractive Basis
Marketing description
CBRE’s National Retail Partners is excited to offer Granwood Village, a 44,698 SF neighborhood center located at the signalized intersection of Granwood Blvd and Old Hickory Blvd in the Hermitage-Donelson submarket of Tennessee, a rapidly growing suburb of Nashville located 15 minutes from Nashville International Airport. The Property is anchored by an Urban Air that has operated at the center since 2018 and recently signed a two-year renewal extension at a rent increase, showing their commitment to the property. Old Hickory Blvd is one of the main thoroughfares in Nashville, nearly forming a complete loop around the city and observes nearly 25K VPD. Just south of Granwood Village along Old Hickory Blvd is Home Depot, Lowe’s Home Improvement, Whataburger, Hobby Lobby, Chipotle, Kroger and several other national retailers.
Investment highlights
+ The Property has been 100% occupied since 2022 while submarket rent growth exceeds 4.8% year-over-year, and submarket vacancy remains at an all-time low of 2.3%.
+ 100% of the shop space (15% of GLA) expires in the first five years of the hold period with no renewal options allows an investor to renew or re-lease at market rate resulting in an estimated 4% CAGR on a 5-year hold period.
+ Proven tenant tenure with Urban Air occupying the center since 2018 while 66% the shops GLA has been at the center for 10+ years.
+ The center is offered at an attractive basis, priced at +/- $100 PSF.
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