Marcus & Millichap moved a Smyrna strip center this week.
Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has closed the sale of Shoppes at Movie Row, a 16,275-square-foot retail property located in Smyrna, within the Nashville MSA, according to Gary R. Lucas, managing director and regional manager of the firm’s Nashville office. The asset commanded a sales price of $3,325,000.
Joseph Massa, an investment specialist in Marcus & Millichap’s Nashville office, had the exclusive listing to market the property on behalf of the seller, Investment Partners, which is managed by Bobby Kirby and Jewell Hale. The private buyer was also secured and represented by Massa.
Located at 900 Grammer Lane, Shoppes at Movie Row is adjacent to Colonial Town Park Smyrna, which is anchored by Target and Kohl’s. The strip center was built in 2008 and sold for $204 per square foot.
Charlotte-based retail holding company Cato Corp. has picked Stones River Mall to be one of the first locations for its new Versona Accessories chain, which sells women's jewelry and accessories. Cato officials recently told South Charlotte Weekly they plan to open up to 50 stores targeting higher-income women in the next year and a half.
National Health Investors has agreed to fund up to $21.5 million of the costs of a 60-bed rehabilitation and psychiatric hospital in Murfreesboro that is expected to open late next year. The facility, which will rise next to the new Middle Tennessee Medical Center, is being built by Brentwood-based Polaris Hospital and earlier this year also received some funding from local investment firm H.B. Sconyers. Polaris is run by Kevin Lee, who previously headed up SeniorHealth.
Rent-to-own giant Aaron's has snapped up the 30 stores formerly run by Crusader Management, which launched in Cookeville in late 2002. Among the locations, which will be converted to HomeSmart stores, are stores in Lebanon and Murfreesboro.
The Rutherford County Chamber of Commerce says it needs another $400,000 to reach its $4 million goal for Destination Rutherford, a four-year economic development plan that aims to create 5,000 jobs. That means the group has raised more than $1 million since mid-May.
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