The Overhaul begins.
Today, Nashville investors are set to buy and begin overhauling a shopping center in Hendersonville.
Anchor Investments, a real estate investment firm, will pay $7.2 million for the Maple Row Shopping Center.
The 38-year-old mall is located about a half-hour northeast of downtown Nashville, along a main road in Hendersonville. The city, in Sumner County, has 54,000 residents.
“This is right in our strike zone. It’s perfect for our business model: buying half-empty shopping centers … with long-term potential through leasing and redevelopment,” said Micah Lacher, principal of Anchor Investments.
Currently, not quite half of the mall’s 163,000 square feet is in use. Kmart vacated its big-box store there two years ago. Lacher said he’s in talks with a few retailers interested in that space.
“It’s difficult for a lot of groups to get financing when the shopping center is not even 50 percent occupied,” Lacher said. He succeeded in doing so with Regions Bank.
Lacher is buying the mall from Victory Real Estate Investments LLC, of Columbus, Georgia.
Victory bought the mall almost seven years ago, for a reported price of $8.1 million.
Adam covers commercial real estate and manufacturing.
Check out the complete story by Adam Sichko at http://www.bizjournals.com/nashville/blog/real-estate/2014/08/anchor-down-investors-aim-to-revive-hendersonville.html