Hidrock Properties Acquires Rivergate Square Shopping Center in Nashville, TN

81,935-square-foot center is 100% occupied, shadow-anchored by Home Depot and offers embedded rent growth within Nashville’s Rivergate retail corridor

NASHVILLE, Tenn. (November 15, 2024) — Hidrock Properties, a privately held real estate investment and development company, has acquired Rivergate Square Shopping Center, an 81,935-square-foot retail property located at 1584 Gallatin Pike North in Nashville, TN.

Built in 1990 and renovated in 2005, Rivergate Square is 100 percent occupied and is shadow-anchored by Home Depot. Its tenant roster includes Office Depot, dd’s Discounts, Dollar General, Outback Steakhouse, Jimmy John’s and a range of local service and retail businesses.

"Rivergate Square offered a compelling combination of durable in-place cash flow and identifiable long-term upside,” said David Dayan, Managing Director of Acquisitions at Hidrock Properties. “The center benefits from Home Depot’s significant customer draw, a strong outparcel component and rents that we believe remain below prevailing market levels. In a well-established Nashville retail corridor with limited vacancy, we see an opportunity to drive NOI growth through renewals, mark-to-market leasing and targeted capital improvements.”

Rivergate Square is located approximately eight miles north of downtown Nashville along Gallatin Pike North, a heavily traveled commercial corridor serving the Madison and Rivergate communities. The property benefits from traffic counts of more than 30,000 vehicles per day and proximity to Interstate 65 and U.S. Route 31E.

The surrounding Rivergate retail district includes Walmart, Lowe’s, Hobby Lobby, PetSmart, Ross Dress for Less, Five Below, Harbor Freight, BJ’s Wholesale Club and other major national retailers. The property is also located approximately one mile from RiverGate Mall.

Hidrock plans to implement a series of capital improvements intended to enhance the center’s appearance, visibility and long-term performance. The company will also work with existing tenants to support renewals and expansion opportunities while continuing to strengthen the property’s tenant mix.