Smyrna Village
Retail | 86,231 SqFt
Marketing description
Berkeley Capital Advisors is pleased to exclusively present the opportunity to acquire Smyrna Village, an 86,231 SF community retail center located in Smyrna, Tennessee within the Nashville MSA. The center is 100% occupied and anchored by Gold's Gym and A-Stock, which collectively comprise 72% of the GLA and provide long-term income stability. At full occupancy, the asset yields a 10-year CAGR of 3.43%, driven by contractual rent increases and near term roll of below-market leases, providing a mark to market opportunity. Situated less than one mile from the Nissan Smyrna Assembly Plant, the No. 1 employer in Smyrna with 7,000 employees, the center benefits from a captive and growing customer base in one of the fastest-growing submarkets in the Southeast.
Investment highlights
HIGH-PERFORMING FITNESS TENANT
old’s Gym recently extended for 15 years and
accounts for 47% of the center’s base rent. The tenant
ranks 82% nationally, 86% in Tennessee, and 87%
within a 30-mile radius per Placer AI, reflecting strong
local and regional performance.
GROWING POPULATION
Smyrna benefits from the rapid growth in Nashville,
and the population within a 5-mile radius has grown by
over 10% since 2020. The number of households is also
expected to increase by an additional 10% over the next
five years in the same radius.
PROXIMITY TO MISSAN ASSEMBLY PLANT
The center is only half a mile away from the Nissan
Smyrna Assembly Plant, which employs over 7,000
people. Nissan recently invested $330M into the plant,
bringing the total investment to over $8B. Proximity to
the major employer provides a consistent customer
base for the center.
STRATEGICALLY POSITIONED ASSET
The property offers proximity to US-41 (22.4K VPD) and
I-24 (132K VPD), which connects to Nashville (26 miles
away). Surrounding the asset on E Main St are many
big-box retailers as well as an adjacent townhome
community. Lowe’s is a 10-minute drive from the center
and ranks 94% nationally for visits, according to Placer AI.
MARK TO MARKET
At 100% leased, the center yields a 10-year CAGR of
3.43%, driven by contractual rent increases and near
term roll of below-market leases, providing a mark to
market opportunity.
LONG-TERM STABILITY
The seller recently executed an LOI with A-Stock. With
no termination clause built in, the tenant guarantees 7
years of income to the center with an additional 3 year
option. Making up 72% of the GLA, Gold’s Gym and
A-Stock will provide long term stability to the center.
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