News release

$125M financing secured for suburban Nashville lifestyle center

JLL Capital Markets arranged the cash-out refinancing for the 864,467-square-foot, mixed-use The Avenue Murfreesboro

October 10, 2023

Jenna Sharp

Capital Markets PR
+1 214 438 6450

NASHVILLE, Oct. 10, 2023 – JLL Capital Markets announced today that it has successfully worked to arrange the $125 million cash-out refinancing for The Avenue Murfreesboro, a 846,467-square-foot, open-air, mixed-use lifestyle center located within the Nashville MSA in Murfreesboro, Tennessee.

JLL worked closely with the borrower, Big V Property to secure five-year, balance sheet financing.

Built in 2007, the property is 93.1% 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 numerous unique-to-market offerings, tallying 6.44 million visits per year.

Big V acquired the property in September 2020 and has created significant value in three years of ownership through a capital improvement plan and strong new and renewal leasing activity since acquisition.

The Avenue Murfreesboro sits approximately 30 minutes south of downtown Nashville in Rutherford County. Positioned with direct visibility and signage along I-24 (126,590 AADT), the property serves a large trade area, with exceptional ingress and egress to the property with three signalized access points along Medical Center Parkway (44,230 AADT). Performance at the property has been driven by demographic drivers, including a 66% population growth from 2010 to 2022 and an average household income of $96,620 within a three-mile radius.

The JLL Retail Capital Markets Debt Advisory team was led by Senior Managing Directors Chris Drew and Brian Dawson and Managing Director Matt Casey.

The Big V Property Group Capital Markets team was led by Bryan Kallenberg, Vice President of Capital markets, and included Dean Lumish, Senior Analyst.

“This is a terrific example of a best-in-class retail operator that identified significant value in the broader Nashville market. After this strategic acquisition in the depths of COVID, the team has now executed on their leasing and management plan to position The Avenue Murfreesboro as one of the top retail destinations in the Southeast,” said Drew.

Jeffrey Rosenberg, President of Big V stated, “We are excited to complete this transaction with both JLL and a repeat banking relationship. The Avenue is a great asset, and we are looking forward to many continued years of success and growth.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.


About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Big V Property Group

Big V Property Group owns and operates over 50 neighborhood and community shopping centers totaling over 9.5 million square feet, primarily located in the southern region of the US. Big V Property Group has five offices with major offices in Charlotte, NC, San Antonio, TX, Bristol, TN and Florida, NY. For further information, please visit www.bigv.com.