In May 2016, an affiliate of Next Realty made its first commercial property acquisition in the Nashville market area. The 60,413-square-foot, two-tenant retail property at 1735 Galleria Blvd. in Cool Springs Crossing represented a great opportunity to expand its geographic footprint.
The building occupies a great location. It is situated in close proximity to I-65 which provides great access to the surrounding area and Nashville to the north. Along I-65 traffic counts exceed 156,000 vehicles per day (VPD). In addition to the tremendous access, the property has an abundance of parking. The retail trade zone features dynamic co-tenancy with Target, J. Alexanders, Costco, Barnes & Noble and the Cool Springs Galleria.
At the time of acquisition, the property was 100 percent leased to two tenants: HH Gregg, 30,300 square feet, and Jump Street, 30,100 square feet.
Unfortunately, bad things do happen to good properties. Soon after Next Realty acquired the property, HH Gregg filed for bankruptcy requiring an immediate search to re-tenant the space. In February 2018, Next completed a lease with Gabe’s department store for the space previously tenanted by HH Gregg, an uncomplicated exchange of space.
Recently, Jump Street and the landlord achieved a mutually beneficial arrangement to vacate its footprint at 1735 Galleria Blvd. Working with Jump Street to find a replacement tenant, Next found that the greatest difficulty was not the usual obstacle of identifying a prospective tenant. Instead, the challenge proved to be working through various elements of securing the necessary outside approvals with other stakeholders.
After some effort, Next Realty was able to secure all the necessary external approvals. As of February 2020, Next Realty’s 1735 Galleria Blvd. is a fully leased and operational 60,400-square-foot retail property, proving once again that when bad things happen to good properties, persistence and hard work pay dividends.
“Bringing Urban Air Adventure Park to Cool Springs Crossing is a great achievement for 1735 Galleria Blvd., a well-located asset in the midst of a dynamic trade area,” says Next Realty’s Leasing Director Amy Levin.
With the leasing of this space, Next Realty has completely re-tenanted the building.
