Marketplace Center

 

Murfreesboro, Tennessee

 

     Marketplace Center is a 116,000 square foot power center in Murfreesboro, TN—a fast growing suburb located 35 miles south of Nashville.  The property is currently anchored by a one of the largest franchisees in the Planet Fitness system and a corporate Jumpstreet location. 

      The asset is positioned on Old Fort Parkway in the main retail corridor of the market directly between a top performing Walmart Supercenter and Home Depot anchored power center, and it shares access with the aforementioned properties as well as Stones River Mall and front outparcels including Panera Bread and Outback Steakhouse. Immediately across the street is a well occupied Target and Lowes anchored power center.  Traffic counts at this node are approximately 35,000 vehicles per day on Old Fort Parkway and in excess of 100,000 vehicles per day on Interstate 24 approximately 0.1 mile from the site. 

    Additionally the locations benefits from significant daytime population with employment in excess of 50,000 people in a 3 mile radius.  Driving this employment is St Thomas Rutherford Hospital, Murfreesboro Medical Clinic, and many surrounding medical office buildings both existing and under construction.  This location is also just south of The Avenue, a recent construction lifestyle center owned by Hines with some of the best tenancy in Murfreesboro and within 3 miles of Middle Tennessee State University, the largest university in Tennessee with approximately 25,000 students. 

          The demographics already include 130,000 people within a 5 mile radius earning 55,000 in average household income, and population is projected to grow significantly by over10% in a 1, 3, and 5 mile radius in the next 5 years. 

         PMAT acquired Marketplace Center from a lender at a significant discount of approximately 40% of the original loan balance.  At close the center was 77% occupied due primarily to the vacancy of one 24,000 square foot junior anchor space.  Within the same month as closing, PMAT sourced several letters of intent that would bring the center to 96% occupancy and stabilize the center well before the projected timeframe.