December 14—A Nashville-based investment firm purchased the Town Center Commons shopping center for $13 million.
The deal for 615 Ventures to buy the 72,000-square-foot property at 725 Barrett Parkway from Atlanta-based investment firm Ardent was announced Tuesday by Franklin Street, the real estate firm that is trading the deal.
Town Center Commons is south of Barrett Parkway and west of Interstate 75. It is supported by Public Lands, a new outdoor and sporting goods concept from Dick’s Sporting Goods.
Other vendors in the area include Five Below, The Original Mattress Factory, Affordable Dentures & Implants, Town Center Nails, K-Town Vapor Lounge, Automation Personnel Services and Pinch of Spice.
“While rising interest rates have caused investors to re-evaluate their buying strategies, properties like Town Center Commons, with prime location and great potential, continue to be solid long-term investments,” said Franklin Street’s Bryan Belk. “We are pleased to have helped 615 Ventures add this property to their portfolio.”
The property also includes a vacant 2,880-square-foot “end-cap unit,” a storefront at the end of the shopping center.
“Town Center Commons is well-positioned for long-term success given the diverse mix of units, including the newly opened Public Lands, and the opportunity to generate additional revenue quickly by filling the capital-cap,” said John Tennant, Franklin Street Representative.