Brentwood-based PGM Properties hopes to close later this week on the purchase of Harpeth Village, the new Publix-anchored shopping center in Bellevue.
PGM has been developing the adjacent Shoppes on the Harpeth. With The Shoppes on the Harpeth and Harpeth Village, PGM will own 125,000 square feet along Highway 100.
PGM will buy the Publix center from Kimco Realty. It’s Kimco’s only remaining property in the Nashville area.
Last week, Kimco and its partner Barclay Group sold an ‘out parcel’ to an entity of Corporate General, a Prattville, Ala.-based firm associated with Nashville developer Newton Oldacre McDonald.
Corporate General paid $1.5 million for the parcel and took out a $3.7 million construction loan through Pinnacle National Bank. Plans say the building will house a Rite Aid Pharmacy.
Prime property up for sale in Lipscomb area
Monroe Harding Inc., the organization that works with at-risk youth and families, has put up for sale 20 acres next to its facility on Glendale Lane in the David Lipscomb University area.
The property is zoned residential. Monroe Harding went through the Board of Zoning Appeals several months ago in preparation for selling the property. Single-family or attached homes can be built on the property.
It sits in the middle of one of the more affluent areas of Nashville. Presumably the property will attract a developer of high-end homes.
With the way the housing market is now and tightness in the credit market now, there’s a question of how quickly the property will be developed.
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