Avison Young arranges sale of RiverGate Mall in Tennessee for $33 million
Transaction marks the largest retail disposition by square footage in the Nashville market in the past five years
Nashville, TN – Global real estate advisor Avison Young arranged the sale of RiverGate Mall, a 514,894-square-foot retail complex situated on a nearly 60-acre site at 1000 Rivergate Parkway in Goodlettsville, Tennessee, for $33 million to Cincinnati-based Merus (formerly Al.Neyer). The transaction is the largest retail disposition by square footage in the Nashville MSA in the past five years.
Avison Young Vice President of Retail Capital Markets, Jordan Powell, spearheaded the transaction along with Managing Director and Principal Lisa Maki and Principal Mike Jacobs representing Merus in the acquisition as well as the sellers of the former Macy’s and JCPenney portions of the mall. Franklin Street managing partners Bryan Belk and John Tennant represented Hendon, the seller of the Sears portion and the remaining mall infrastructure.
The property is slated to be redeveloped into a mixed-use destination with residential (multifamily and senior living), retail and hospitality uses. Construction is expected to begin in late 2026/early 2027.
“Across the country we’ve seen traditional mall assets face significant consumer-adaptability hurdles as shopper preferences evolve and e-commerce expands,” said Powell. “This sale is a great example of how forward-thinking developers like Merus are adapting to those trends and repositioning large retail properties into mixed-use developments that better serve today’s communities. We’ve seen it in the Nashville market with other redevelopments like One Bellevue and Hundred Oaks and are excited for what’s to come in north Nashville with RiverGate.”
“RiverGate has been a part of this community for decades, and this acquisition represents an important first step in repositioning the site for what comes next,” said Patrick Poole, SVP and Nashville Market Leader for Merus.
About Avison Young
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