Jones Lang LaSalle Inc.

01/31/2023 | Press release | Archived content

Grocery-anchored retail center in Nashville MSA trades to new owner

ATLANTA, Jan. 31, 2023 -JLL Capital Markets announced today that it has completed the sale of Providence Commons, a 110,137-square-foot, Publix-anchored retail center located in the explosive Nashville submarket of Mt. Juliet, Tennessee.

JLL represented the seller, and Phillips Edison & Company acquired the asset.

Providence Commons is 100% occupied and anchored by a high-performing Publix along with an array of nationally recognized retailers, including Anytime Fitness, Starbucks, Moe's, Pizza Hut, Papa Johns, Subway and Precision Eye Care. The offering also included 7.19 AC of undeveloped land adjacent to the center that is currently zoned CI - Commercial Interchange District, which allows commercial retail, office, and hospitality by right.

Constructed in 2009, Providence Commons is located at 631 S. Mt. Juliet Rd. and situated within the Mt. Juliet submarket - one of the fastest growing submarkets in the Nashville MSA and only a 15-minute drive from downtown Nashville. The center benefits from an affluent population with an average household income of $120,301 within a three-mile radius, as well as significant population growth of over 84% since 2010.

JLL's Capital Markets team representing the seller was led by Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan and Associate Andrew Michols.

"Providence Commons received strong interest from a wide variety of capital sources ranging from institutions, Public REIT's, and sophisticated private capital," Hamilton said. "The affluent and explosive submarket of Mt. Juliet, strong Publix performance and value-add potential were the major draws for investors and drove pricing accordingly."

JLL's Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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