Big V Property secures $125m in financing for suburban Nashville lifestyle center
Big V Property announced that it has secured the $125 million cash-out refinancing for The Avenue Murfreesboro, an 846,467-square-foot, open-air, mixed-use lifestyle center located within the Nashville MSA in Murfreesboro, Tenn.
JLL worked closely with the borrower to secure five-year, balance sheet financing.
Built in 2007, the property is 93.1 percent leased to an all-encompassing tenant roster, including Best Buy, Belk, Dick’s Sporting Goods, Haverty’s Furniture, Burlington, Barnes & Noble, Off-Broadway Shoe Warehouse, Victoria’s Secret, Old Navy, H&M, Michaels, Petco, Cost Plus World Market, Old Navy, Ulta, Hollister, Buckle, Torrid and Sephora. The center benefits from an extended trade area due to its unique-to-market offerings, tallying 6.44 million visits per year.
Big V acquired the property in September 2020 and has created value in three years of ownership through a capital improvement plan and new and renewal leasing activity since acqu