Matthews Real Estate Investment Services™ completed the all-cash $8.41 million sale of a recently developed 10,656-square-foot retail shopping center at 6700 Charlotte Pike in Nashville. Senior Associate Hutt Cooke and Vice President Clay Smith represented the seller in the transaction.
The seller, a partnership of five individual investors, was looking to relinquish the property and invest in other assets, capitalizing on the facility’s new development, prominent location, growing population, and long-term leases. The buyer, a private investor, acquired the property in a 1031 Exchange. 6700 Pike will have 100% occupancy upon opening and is just six miles outside of downtown Nashville.
The shopping strip is in the affluent neighborhood of West Nashville on a high-traffic street, seeing over 35,000 vehicles daily. In the past 10 years, there has been an 18 percent population growth rate within the strip’s one-mile radius and is anticipated to continue growing.
