Paul Gaither Senior Associate CB Richard Ellis

Much of the development in the Nashville, Tennessee, area is occurring in the counties surrounding the city, primarily Rutherford, Sumner and Wilson. “The development is demand-driven and a response to continued population growth in those areas,” says Paul Gaither, senior associate with CB Richard Ellis in Nashville. “In the case of Rutherford and Wilson counties, major infrastructure improvements such as new interstate highway interchanges are opening up new areas for retail development.”

The Murfreesboro market is also experiencing tremendous growth and is planning for three new interstate exits along Interstate 24. These changes should stimulate numerous development opportunities in the future. Currently, a number of sites are planned for new retail development, including a proposed regional mall site.

New retail development includes a 400,000-square-foot community center in the Hendersonville market. This center, which has been partially completed, is anchored by Target and Kohl’s and will soon have Kroger as well as a number of junior anchor tenants. “The project is significant in that it will be a regional destination for the communities of Hendersonville and Gallatin,” notes Gaither. The name of the development is Glenbrook Shopping Center, and the developer is a local group/partnership known as Sumner 2000 LLC.

Some of the most active local developers include GBT Realty, Newton Oldacre McDonald, Southstar and Market Land Company. With the entrance of Publix into the market, there are also a number of nationally known developers pursuing opportunities.

Publix entered the market last year with the acquisition of seven former Albertsons stores. The retailer plans to build on that presence with new store development. According to local real estate professionals, a few sites have been approved, but no construction has commenced.

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