Major Upside from Vacancy and Lifting In-Place Rents: Gallery has 24.46% vacancy presenting an opportunity to increase net operating income by leasing the vacant spaces. Furthermore, the market asking rent is $23.00 per square foot versus an average in-place base rent of $12.69 per square foot on the rent roll.
Prime Location with High Visibility: Gallery is located in the Rivergate retail area servicing the North Nashville retail submarket including the Madison, Goodlettsville and Old Hickory submarkets. The property is located minutes north of downtown Nashville via I-65 and Vietnam Veteran’s Parkway. Gallatin Pike carries on average 21,474 vehicles per day in front of the shopping Center. The population within a 5-mile radius is 105,375 and the average household income is $79,998. Area retailers include Target, Walmart, BJ’s Wholesale, Dick’s Sporting Goods, Old Navy, and Academy Sports. Other nearby notables include Dollar General’s Corporate Headquarters and Rivergate Mall which is over 1,100,000 square feet and anchored by Dillard’s and JCP.
Long Term Tenancy: Longhorn Steakhouse has operated at the Gallery since 1992. Almost 45% of Galleria’s gross leasable area has operated in the shopping center for more than 10 years including H&R Block, Arigato Sayonara Restaurant, DXL Clothing, Rivergate Alterations, England’s Hair Salon, Regency Finance, Mirror Mirror Salon, Regency Jewelers and Longhorn Steakhouse.
Attractive Pricing: Gallery’s purchase price is the equivalent of $109.47 per square foot. The average market sales price per square foot in the North Nashville submarket is $208 per square foot.
