Nuveen has completed the disposition of Southside at McEwen, a grocery-anchored retail center located at 1554 W McEwen Drive in Franklin, Tennessee. The property totals 92,470 square feet and is anchored by a Whole Foods Market. The sale transfers ownership of a fully leased, institutional-quality retail asset to a high net-worth family office, with Lincoln Property Company serving as investment advisor to the buyer.
Southside at McEwen was built in 2012 and spans 10.5 acres. The center is reported to be 100% leased, underscoring its occupancy stability at the time of the trade. The anchor, a 45,047-square-foot Whole Foods Market, is described as the most visited Whole Foods location in Tennessee and is also cited as one of the chain’s top-performing stores at the national level. This anchor positioning provides a strong traffic driver for the surrounding in-line tenants at the property.
In-line shop tenants at Southside at McEwen are reported to generate more than $800 per square foot in sales on average, highlighting strong retail performance among the smaller format retailers in the center. The tenant mix includes a range of national and regional brands such as Lululemon, Flower Child, Solidcore, Bricktop’s, Kendra Scott, Fab’rik and PNC Bank. According to information provided, several of these shop tenants are currently paying rents that are substantially below prevailing market rates in the area.
JLL represented Nuveen in the transaction, providing sales advisory services on the disposition. The JLL Capital Markets team on the assignment was led by Jim Hamilton, Brad Buchanan and John Perry Hilton. Their role encompassed marketing the asset and advising the seller through the sale process. The buyer, advised by Lincoln Property Company, is described as a high net-worth family office, but its specific identity and purchase price details were not disclosed.
Positioned as a Whole Foods-anchored center with a fully leased roster of tenants and strong reported sales productivity, Southside at McEwen represents a stabilized retail asset within Franklin, Tennessee. The combination of a high-performing grocery anchor, a lineup of nationally recognized retailers and reported below-market rents for several shop tenants suggests embedded income characteristics within the existing rent roll, based solely on the details released in connection with the sale.
