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$60M Lifestyle Center Coming to Nashville Suburb

HENDERSONVILLE, TN-Pinnacle at Sumner Point will have 350,000 sf of retail space when it opens in the fall of 2006. The developer is Colonial Properties Trust, a Birmingham, AL-based REIT.

By Brian K. Miller | Updated on June 21, 2005

HENDERSONVILLE, TN-Colonial Properties Trust plans to develop a 350,000-sf lifestyle center in this affluent suburb of Nashville in a joint venture with Wiston Retail Group and Music City USA LLC. The $60-million Pinnacle at Sumner Point is scheduled to open in the fall of 2006.Though only a few lease agreements have been completed, Colonial says the new open-air center will include a cinema, large format stores, a specialty grocer, a specialty fashion retailer and fine dining. The center will be located across Vietnam Veterans Parkway from Glenbrook North, an 500,000-sf shopping center anchored by Target, Kohl’s and Kroger. “We are in in-depth negotiations with many national retailers that one would typically find in a lifestyle center,” Colonial’s SVP of retail Paul Glascock tells GlobeSt.com. “We couldn’t be more encouraged.”Colonial Properties Trust EVP Charles Light says the company expects the metro area to outpace national and regional growth. Glascock adds that the development site’s location next to the existing shopping center “enhanced our interest.”Winston Retail Group is run by Stuart Wiston, a dealmaker who has represented Ann Taylor Loft nationally as a broker and has “a deal-making resume with all the national tenants,” says Glascock. Wiston will handle leasing at the center.Music City USA, lead by president Butch Hutcherson, developed Glenbrook North. Glascock describes him as a long-term Hendersonville resident who is very active in the local community. “We have a very solid joint venture relationship,” says Glascock. “from both the deal-making side and from the goodwill that a good local partner brings you.”Colonial Properties Trust has a total market capitalization of approximately $5 billion. As of April 1, it owned or managed 49,300 apartment units, 7.2 million sf of office space and 15.8 million sf of retail shopping space.

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