State pension fund acquires Nashville-area retail center

Longpoint Realty Partners has sold Mallory Corners, a fully leased, 70,000-square-foot shopping center anchored by ALDI in the Nashville-area community of Brentwood, Tenn., for $24.85 million.

A state pension fund, advised by Chicago-based Pine Tree, acquired the property.

Mallory Corners is at 1701 Mallory Ln. on 6.52 acres in the Cool Springs submarket, considered one of the most highly sought-after submarkets in the Nashville MSA. Approximately 16 miles from downtown Nashville, the center is in an affluent area, serving a population of more than 34,200 residents within a three-mile radius earning an average annual household income of $149,778. Additionally, its Williamson County location places it in one of the fastest-growing areas of the state.

Completed in 1995, Longpoint Realty Partners acquired Mallory Corners in 2018 and converted it into a grocery-anchored center with the addition of ALDI, a third-largest grocery store chain in the United States by 202