GBT Realty Purchases Another Piece of Land in Nashville
Market Stat: Local Retail Developer Remains an Active Player in the Market
GBT Realty continues to expand its Nashville portfolio. Earlier this month, the retail developer purchased a 0.91-acre site in Green Hills, an affluent suburb of Nashville, for $4 million. The parcel is located at 2025 Richard Jones Road, near both the luxury apartment community Vertis Green Hills as well as The Mall at Green Hills.
"This is an opportunity for us to double-down on our strategic investments in Green Hills. The area is only increasing in desirability…" stated GBT’s President and Chief Executive Officer George Tomlin in a recent press release.
Green Hills is an affluent neighborhood that is near Nashville’s urban core. Median household incomes are upwards of $70,000. Additionally, the area continues to experience strong market fundamentals. Retail vacancies are holding below the historical average, and annual rent growth, which sits at 5.9%, is also outperforming most other parts of Nashville. At more than $34 per square foot, the area commands some of the most expensive retail rents in the market.
This deal represents the second purchase GBT has made in Green Hills this year. In May, the firm purchased another parcel of land near The Mall at Green Hills for $4.6 million. Tomlin said that many potential retail users have expressed interest in these properties, and that both sites are now being reviewed for possible uses.
Alexander Tkac is a CoStar Market Analyst based in Atlanta.
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