InvenTrust Properties has plunked down $88 million for the Nashville West retail complex along Charlotte Pike, a sprawling shopping hub on the city’s west side. The Illinois-based REIT is folding the necessity-anchored power center into its Sun Belt portfolio, giving it a larger stake in one of Tennessee’s fastest-growing retail markets.
According to CoStar, the deal pencils out to roughly $272 per square foot, with the property about 98% leased at the time of sale. CoStar identifies Manova Partners as the seller and notes the asset was marketed as a high-performing open-air shopping center. Those numbers, CoStar reports, line up with a broader trend of buyers paying a premium for well-located, grocery-shadowed retail across the Sun Belt.
InvenTrust flagged the acquisition in a Q4 presentation filed with the SEC, listing Nashville West at roughly 323,927 square feet with occupancy near 97%. The slides describe the center as “shadow grocery-anchored” by nearby anchors and outline plans to reposition and reconfigure anchor space, add freestanding buildings, and improve vehicular access. The presentation also highlights that the site generates millions of annual visits and notes that the property was added to InvenTrust’s Q1 2026 pipeline.
Anchors And Local Footprint
The center is anchored by national big-box and off-price tenants, including Dick’s Sporting Goods, Best Buy, Marshalls, and Ross, and it also features Books‑A‑Million and a lineup of smaller shops. Industry coverage notes that the property covers roughly 31 acres of retail core and that CBRE marketed the asset on behalf of Manova Partners, Shopping Center Business reports. Those anchors, combined with high visitation, helped turn the center into a prime target for a buyer focused on necessity-based income.
Why The Purchase Matters For Investors
The acquisition fits neatly into InvenTrust’s stated Sun Belt strategy, which focuses on grocery-anchored and high-traffic neighborhood and power centers. In its investor materials, the company says it acquired roughly $465 million of necessity-based retail in 2025 and is targeting about $300 million of net investment in 2026, with Nashville West specifically called out among Q1 buys. For investors, the move underlines continued appetite for stabilized retail properties that can be repositioned to capture stronger rents and more customer traffic…