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Baltimore developer acquires Tennessee retail power center for $34.5M
Baltimore-based developer Greenberg Gibbons Thursday announced it acquired Cool Springs Pointe, a 198,103-square-foot retail power center in Brentwood, Tennessee, for $34.5 million.
The center was purchased through the Greenberg Gibbons Real Estate Income Fund, which launched in March of 2021 to strategically acquire shopping centers throughout the East Coast, Southeast and Midwest markets. This is the fund’s seventh acquisition and the company’s first property in Tennessee.
Cool Springs Pointe, which is 100% leased and attracts more than 1.8 million visitors annually, is anchored by notable national retailers including Best Buy, Ross Dress for Less, Restoration Hardware Outlet, Golf Galaxy, Old Navy and Party City. The property sits at the corner of the Moores Lane and Interstate 65 interchange, 10 miles from Nashville.
Other notable properties acquired through the fund include Gateway Plaza in Sanford, Florida, Town N’ Country in Greenville, South Carolina, Sea Turtle Marketplace in Hilton Head, South Carolina and Westminster Crossing East and West in Carroll County.
Greenberg Gibbons is one of the East Coast’s largest developers, investors, owners and operators of mixed-use, retail, commercial and residential properties. The firm’s portfolio includes more than 6.5 million square feet and $1.5 billion in assets.
