Franklin Street has arranged the sale of Village at RiverGate, a 64,106-square-foot retail shopping center in Madison, TN for $8.1 million. Shadow-anchored by Target and built in 1981, the property recently underwent renovations including upgraded façade and storefront improvements. Situated on 6.56 acres at 2056 Gallatin Pike N., this regional shopping center benefits from an average daily traffic count of over 30,580 vehicles along Highway 31 which attracts 1.2 million visits annually to the area’s main retail corridor .
John Tennant and Bryan Belk from Franklin Street’s Atlanta based Retail Investment Sales Team represented Hendon Properties (the seller) while a local private investor was identified as buyer for this transaction despite challenging capital markets environment with interest rates being raised several times during due diligence period coupled with ongoing credit crunch on regional banks . Tennant commented “We are pleased to deliver successful execution” upon completion of sale .
