The Avenue Murfreesboro

The Avenue Murfreesboro is an open-air regional lifestyle shopping center in Murfreesboro, Tennessee, approximately 27 miles, or 43 kilometers, southeast of downtown Nashville. The center serves the retail and dining needs of Murfreesboro and the broader Middle Tennessee area and is designed as a multi-tenant destination rather than as a single-product consumer brand. More than one hundred stores operate within the complex, giving it a broad tenant mix and a regional draw. Development began in July 2006. The first phase opened to the public on October 17, 2007, with approximately 660,000 square feet of retail space. A second phase subsequently expanded the project to approximately 811,000 square feet, or about 75,300 square meters. The completed development represented an investment of approximately $140 million. Its open-air, lifestyle-center format distinguishes it from a conventional enclosed shopping mall by combining retail buildings, pedestrian-oriented circulation, restaurants, and other consumer services in an outdoor environment. The Avenue was jointly developed and operated by Cousins Properties and Faison Enterprises. The project formed part of the expansion of large-scale retail development in the Murfreesboro market during the 2000s, as the city grew within the Nashville metropolitan region. Its location southeast of Nashville positioned it to serve local residents as well as shoppers from surrounding communities. In August 2013, the property was sold to Houston-based Hines Global REIT Inc. for approximately $163 million. At the time, the transaction was reported as a record price for an open-air, non-enclosed shopping center in Tennessee. A contemporaneous occupancy figure indicated that 85 percent of the center's space had been leased as of June 30, 2013. The available reference material does not establish the current ownership structure, current occupancy, or a complete present-day tenant roster. The Avenue Murfreesboro is best understood as a physical retail destination and commercial property rather than a conventional branded-goods company. Its identity is tied to its location, open-air format, regional tenant base, and role as a shopping, dining, and leisure destination. The center's website provides the principal public-facing channel for tenant information, events, hours, and visitor services.

The Avenue Murfreesboro was conceived as a large-scale open-air lifestyle shopping center serving Murfreesboro and the surrounding Middle Tennessee market. The property is located roughly 27 miles southeast of downtown Nashville, placing it within the wider Nashville metropolitan trading area while maintaining a local identity tied to Murfreesboro. Construction started in July 2006. The first phase opened on October 17, 2007, providing approximately 660,000 square feet of retail space. The center was planned as an outdoor, multi-building retail environment rather than a traditional enclosed mall. This format enabled the project to combine stores, restaurants, specialty retailers, and service businesses in a setting intended to support both shopping and leisure visits. A second phase completed the development and brought the total size to approximately 811,000 square feet, equivalent to about 75,300 square meters. The completed project represented an investment of approximately $140 million. More than one hundred stores were located within the complex, giving the center a broad regional tenant mix. The available reference material does not provide a complete list of tenants or identify which stores remain in operation today. Cousins Properties and Faison Enterprises jointly developed and operated The Avenue during its initial period. Their involvement placed the property within the commercial real-estate development activity associated with the growth of Murfreesboro and the expansion of retail capacity in communities around Nashville. The center's scale and open-air design made it a significant retail destination for the area. In August 2013, The Avenue was sold to Houston-based Hines Global REIT Inc. for approximately $163 million. The transaction was described as a record price for an open-air, non-mall property in Tennessee. A leasing figure reported for June 30, 2013, indicated that 85 percent of the space had been leased at that time. These figures describe the property around the period of the sale and should not be treated as current ownership, valuation, or occupancy information. The available sources do not establish the present owner, current management company, current tenant roster, or recent redevelopment history. The official website remains the primary public-facing source for visitor information. In brand terms, The Avenue Murfreesboro functions as a place-based retail destination: its value proposition comes from its location, scale, outdoor layout, tenant assortment, and role as a shopping and dining venue rather than from manufactured products sold under a single corporate brand.

• 2013

  Property sold to Hines Global REIT

  [1]The Avenue Murfreesboroen.wikipedia.org

  Hines Global REIT Inc. acquired the center in August 2013 for approximately $163 million.

• 2007

  First phase opens

  [1]The Avenue Murfreesboroen.wikipedia.org

  The first phase opened on October 17, 2007, with approximately 660,000 square feet of retail space.

• 2006

  Development begins

  [1]The Avenue Murfreesboroen.wikipedia.org

  Construction of The Avenue Murfreesboro began in July 2006.

A regional open-air lifestyle center combining shopping, dining, specialty retail, and services in a pedestrian-oriented destination near Nashville.

• Retail destination · 2007

  Retail tenant mix

  The center accommodates more than one hundred stores across fashion, footwear, accessories, home-related merchandise, specialty retail, and consumer services. The available sources describe the overall scale of the tenant base but do not provide a verified current store-by-store directory.

• Food and entertainment · 2007

  Dining and leisure environment

  As an open-air lifestyle center, The Avenue combines retail visits with restaurants and other leisure-oriented uses. The public reference material supports the center's role as a shopping and dining destination, but does not specify a complete current list of food or entertainment operators.

• 2013

  Sale to Hines Global REITM&A

  Background

  The property had been jointly developed and operated by Cousins Properties and Faison Enterprises.

  Action taken

  The Avenue Murfreesboro was sold to Houston-based Hines Global REIT Inc. in August 2013.

  Aftermath

  The approximately $163 million transaction was reported as a record price for an open-air, non-mall property in Tennessee. Current ownership is not established by the available sources.

  Acquisition price. $163 million (August 2013)

  Source

• 2006

  Develop an open-air regional lifestyle centerStrategy

  Background

  The project was planned as a large, multi-tenant outdoor shopping destination in Murfreesboro, southeast of Nashville.

  Action taken

  Cousins Properties and Faison Enterprises began construction and developed the center in phases.

  Aftermath

  The first phase opened in 2007, and the completed development reached approximately 811,000 square feet with more than one hundred stores.

  Development investment. $140 million (At completion of the development)

  Source

1. 1The Avenue Murfreesboroen.wikipedia.org
2. 2The Avenue Murfreesboro official websitetheavenuemurfreesboro.com