Ascentris recognized an opportunity to develop a strategically located retail center adjacent to Interstate 65 in the dominant Nashville submarket of Cool Springs/Franklin, TN. Williamson County, where Cool Springs is located, is the most affluent county in Tennessee and is home to 13 of Nashville’s 25 largest publicly traded companies, including Nissan North America.
Ascentris, and its development partner, relocated the existing Cool Springs Whole Foods Market and developed a necessity-based, in-line neighborhood retail center. Upon completion, the property was 57% preleased to tenants including Whole Foods, Lululemon, PeiWei and BrickTop’s. The partnership delivered the property on time and under budget.
Upon stabilization, the partnership marketed the property for sale and sold to an institutional core fund as the property represented a rare opportunity to own an institutional Whole Foods anchored retail development in one of the most desirable submarkets in the southeastern United States.
Disclaimer: The properties selected for the case studies were selected to represent the diversity in the Ascentris investment strategy and geographic reach. These properties were not selected for their performance result and do not indicate exclusively in what product type or geography Ascentris may make future investments.