(Save the date: RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 - 6.)
NASHVILLE, TN—P&M Investment Co. has broken ground on a new $3.7 million 20,000-square-foot retail center in the growing Indian Lake area of Hendersonville. Dubbed the Shoppes at Maple Corner, the new class A retail development is set to start opening by the first quarter of 2013.
Located at the intersection of Indian Lake Boulevard and Maple Drive, the Shoppes at Maple Corner site is adjacent to the 60-acre Indian Lake Market. The Indian Lake Corridor is witnessing a surge in commercial activity. Sam's Club and Union University have both opened within the past three months and the traffic counts on Indian Lake Boulevard have gone from 18,000 to 26,000 cars a day, according to P&M’s marketing studies.
“The economy in general, seems to be thawing and retailers are active again,” John Petty, principal broker at Southeast Venture, the firm representing P&M, tells GlobeSt.com. “In addition to the opening of Sam's Club and Union University, the area boasts a Home Depot, Super Walmart and a very upscale lifestyle center. There are several parcels currently under construction and the vacancy in this area is very low.”
Southeast Venture recently secured the development's first tenant, Sola Salon Studios, which will lease 4,300 square feet of retail space. About 10,000 square feet of class A retail space is still available. With more than 300 multifamily units under construction and Goodwill Industries planning a new freestanding project just across the street from this development, along with the other commercial activity, Petty expects strong retailer demand.
“We are targeting a mix of national chains, franchises as well as local mom-and-pops,” Petty says. “We anticipate two food users. We have a drive through space, which is rare for Indian Lake Blvd., so we are targeting a coffee and breakfast user for that space. We already have our upscale salon. This will be a neighborhood shopping destination conveniently located at the corner of Maple Lane.”
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