Regency Buys Nashville Shopping Center for $119M

March 18, 2025

Retail Investment Nashville - Knoxville News More Southeast

This property previously traded in 2007 for $60 million.

Exterior shot of several retail buildings at Brentwood Place Shopping Center in Brentwood, Tenn., with a Total Wine store in the background. — Total Wine is one of the anchor tenants at Brentwood Place. *Image courtesy of Regency Centers*

Regency Centers Corp. has acquired Brentwood Place Shopping Center, an approximately 320,000-square-foot property in Brentwood, Tenn., in metro Nashville.

The previous owner was Sarofim Realty Advisors, which sold the asset for $118.5 million, according to Nashville Post. The firm had paid $60.2 million for the property in 2007, CommercialEdge shows.

More than 100,000 square feet of Brentwood Place is occupied by anchors Nordstrom Rack, Total Wine, TJ Maxx/HomeGoods and Golf Galaxy. Overall, the center was 95 percent leased at the time of the current sale.

The 1973-completed property is at 330 Franklin Road, in a sought-after submarket only 7 miles south of downtown Nashville and adjacent to the future 350,000-square-foot Vanderbilt Medical Campus. The center has more than 4.3 million visitors annually.

This acquisition expands Regency’s footprint in the Nashville market, where it already owns and operates Harpeth Village Fieldstone (70,091 square feet), in Franklin; Northlake Village (134,771 square feet), in Hermitage; and Peartree Village (109,506 square feet), also in Brentwood.

Enviable numbers

Metro Nashville’s retail real estate market has seen 16 straight quarters of positive absorption, leading to an average vacancy of 3.1 percent, one of the lowest figures in the country, according to a fourth-quarter report from Avison Young.

The Brentwood submarket is one of the smallest in the metro, with an inventory of only 3.7 million square feet, but with an enviable vacancy of 1.9 percent and no further space currently under construction.

Regency’s U.S. expansion

This past fall, Regency entered two markets for the first time.

In August, the company began construction on Oakley Shops at Laurel Fields in Oakley, Calif., marking its first foray in Northern California. Safeway will be the center’s anchor tenant.

And in September, a joint venture between Regency Centers and Brand Street Properties entered the Providence, R.I., market with the $46.7 million purchase of East Greenwich Square in East Greenwich. This center too is anchored by a supermarket, in this case Dave’s Fresh Marketplace.