Providence Marketplace in Mt. Juliet recently sold for $114.7 million, but city leaders expect little changes to the dominant shopping center.
Ramco-Gershenson Properties Trust recently acquired the 830,000-square-foot shopping center and will look to build on the property’s positive aspects and potential growth in the area.
Providence Marketplace features Target, Kroger, T.J. Maxx/Home Goods, Dick’s Sporting Goods, Ross Dress for Less and Regal Cinema, as well as 127,000 square feet of restaurants, service uses and specialty retailers.
Ramco-Gershenson officials said they believed the potential future growth in the area would “provide the catalyst to expand and densify the shopping center,” according to a release from the company.
The acquisition makes Providence the Michigan-based company’s first shopping center in the Nashville area, which aligns with the group’s self-described long-term goal of investing in regional dominant centers in large trade areas that are part of high-growth areas.
The company also reported the Providence trade area is expected to grow by 12 percent in the next five years, while the Nashville area is projected to grow by 9.5 percent.
Mt. Juliet led the way with the highest amount of sales tax collections among Wilson County cities with $2.49 million collected in January, an increase of about $800,000 compared to December and $140,000 more than the same time as a year ago. Collections typically run a month behind, so January’s revenues reflect holiday spending from December. Mt. Juliet took the lead in collections in January after unseating Lebanon, which held the top position for several years.
The company reported Providence Marketplace is 98 percent leased.
Mt. Juliet Commissioner Brian Abston, who represents the area, said the acquisition would have minimal impact on residents and shoppers.
“I believe it will be business as usual,” Abston said. “I think as far as the vendors there and in regards to the city, I don’t think it has any change or effect.”
Abston said based on meetings, he believed Ramco-Gershenson would actually make some enhancements to the property.
“I think they’re looking to make some enhancements to the facility and do some nice things that make the area more attractive to everybody,” he said.
As of Dec. 31, Ramco-Gershenson owned interests in and managed 65 shopping centers and two joint ventures, and held a 94.4 percent lease rate on those properties.
For more information, visit rgpt.com.
By Xavier Smith