Boston-based Longpoint Realty Partners sold the coveted Mallory Corners shopping center property in the Cool Springs area of Brentwood to a state pension fund for $24.85 million.
Announced Thursday, Aug. 26, by JLL Capital Markets as Longpoint’s representation, the transaction places the 1995 development, acquired by Longpoint in 2018, in the hands of a pension fund represented by Chicago-based Pine Tree.
The fully leased property at 1701 Mallory Lane spans 70,000 square feet on 6.52 acres in a Cool Springs submarket about 16 miles from downtown Nashville in an upper-class area where some 34,200 residents live within a three-mile radius with a median household income of $149,778.
ALDI, projected to become America’s third-largest grocery store by 2024, serves as the strip mall’s anchor tenant, and the most trafficked Costco in the state flanks the property as its shadow tenant. Other tenants include AAA, a two-story Barnes & Noble, Brilliant Sky Toys & Books, Hoover Paint Store and Play It Again Sports.
The prime real estate drew significant competition from investors seeking to purchase the property. Traffic on the property is considered premium due not only to the median income in the immediate area, but also the unmatched purchasing power of nearby Williamson County residents.
Senior Managing Director Jim Hamilton, Senior Director Brad Buchanan and Associate Taylor Callaway led the investment sales advisory team for JLL — a full-service, international capital solutions provider in the real estate markets of almost 50 countries with debt advisory, investment advisory, equity advisory and recapitalization advisory services.
“Mallory Corners provided a rare opportunity to purchase a high-performing grocery-anchored property in one off the most highly sought-after submarkets in Nashville,” Hamilton said in a press release. “Investor interest for the asset was exceptionally robust, which is a testament to the strength of the Nashville submarket. A wide range of investor types competed to purchase the property, which consisted of [real-estate investment trusts], institutions, foreign and private capital.”
Pine Tree is a full-service, national real estate investment firm specializing in retail developments like Mallory Corners. Founded the year Mallory Corners was built, Pine Tree is now an acquisition, development, leasing and management leader for retail properties with key partnerships among U.S. superstores, specialty shops and local chains and a portfolio of around 20 million square feet of retail space.
JLL declined to identify the buyer or disclose any further details.