JLL Capital Markets has closed the $24.85 million sale of Mallory Corners, a fully leased, 70,000-square-foot shopping center anchored by ALDI in the Nashville-area community of Brentwood, Tennessee.
JLL represented the seller, Longpoint Realty Partners. A state pension fund, advised by Chicago-based Pine Tree, acquired the property.
Mallory Corners is at 1701 Mallory Lane on 6.52 acres in the Cool Springs submarket, one of the most highly sought-after submarkets in the Nashville MSA. About 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 growing brand projected to be the third-largest grocery store chain in the U.S. by 2024. The center is also home to a variety of national and regional tenants, including Barnes & Noble, Play it Again Sports, AAA, Hoover Paint Store and Brilliant Sky Toys & Books. It is shadow anchored by the most-visited Costco in Tennessee.
The JLL Capital Markets Investment Sales Advisory team that represented the seller was led by Senior Managing Director Jim Hamilton, Senior Director Brad Buchanan and Associate Taylor Callaway.
