Boyle Nashville developed a 200,000-square-foot Publix grocery anchored shopping center called Providence Commons in Mt. Juliet, a submarket on the eastern side of Nashville. Both Boyle and Publix were confident in the Providence Commons shopping center site due to its close proximity to the Providence master planned subdivision, which contains 3,200 residential lots of which 2,400 are developed and roughly 1,700 were sold in 2009. Because of this, Providence has been deemed Nashville’s best performing residential subdivision. Construction on Phase I of the shopping center was completed in December 2009, and Providence Commons is currently 65 percent leased with four of the seven outparcels sold.
According to Grant Kinnett, who performs leasing for the center, “The City of Mt. Juliet is a great place to be in today’s economic environment – the city’s sales tax actually increased in 2008 and 2009. This stability, combined with the presence of Publix, ensures a high level of certainty for retailers looking at Providence Commons.”
In May 2009, Boyle Investment Company, in partnership with a group of local, private investors, purchased the 99,165-square-foot Lion’s Head Village shopping center. Located on White Bridge Road, adjacent to Belle Meade in the West Nashville submarket, Lion’s Head Village serves a highly affluent, densely populated area. The shopping center was 100 percent leased at the time of the acquisition. Some of the successful tenants include Sports Seasons, Stein Mart, and Office Max, many of which have been located at Lion’s Head for over 20 years.
The recent development of the nearby Publix and Harris Teeter grocery anchored shopping centers, along with the addition of two, new luxury condominium developments and a recently renovated and expanded Target adjacent to the center, all highlight the strength of the area and Lion’s Head Village. According to Phil Fawcett, partner at Boyle Nashville, “Lion’s Head represented an excellent opportunity for us to expand our portfolio in a strong submarket with long-term stability and upside due to the demographics and high barriers of entry.”
Boyle currently performs both leasing and management duties for the shopping center, with the goal of providing a more hands-on, local ownership approach to supporting the tenants, enhancing the customer experience, and improving the overall appearance of the center. To date, improvements include extensive landscaping to create a more meaningful entrance to the center, roof repairs, signage updates, and a new paint job that drastically improved and modernized the center’s appearance. Lion’s Head Village is currently 97 percent leased and Boyle is committed to the long-term ownership of the center.
Both Lion’s Head Village and Providence Commons are strong additions to the Boyle retail portfolio, and the Boyle property management team contributed significantly to both ventures. During difficult economic times, the strength of the property management team can really make a difference by working closely with the leasing agents to ensure that the tenants receive the high level of customer service and property maintenance for which Boyle is known. At Lion’s Head Village, the property management team seamlessly navigated the management transition when ownership of the center changed hands, while also making various improvements to the center and reaching out to the existing tenants. They also worked closely with Publix and other retailers to ensure that a successful grand opening occurred at Providence Commons.