Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SMYRNA, TN-Jacksonville, FL-based Capitol Development International has snagged an anchor tenant for its planned Gateway Centre shopping center in this Nashville submarket. The deal brings JC Penney to the retail asset under a 20-year land lease.

The retailer will occupy 105,000 sf at the 260,000-sf Gateway Centre. CDI declined to release JC Penney’s lease rate. Jim Brady, managing partner of CDI, tells GlobeSt.com the developer is in negotiations with another potential anchor tenant but he cannot disclose the soft goods retailer at this time.

CDI anticipates beginning development on the shopping center 24 miles southeast of Nashville in the next few months, he says, with an expected grand opening in September 2009. JC Penney is also slated to open its doors in fall 2009. Development costs for Gateway Centre will exceed $30 million, Brady tells GlobeSt.com.

No other retailers have put pen to paper yet on a lease, but Brady adds CDI is finishing up negotiations with two more retailers totaling 11,000 sf. He cannot release the names until the leases are signed.

“We expect great opportunities for retailers at our center in Smyrna, a growing community with great economic growth and continuing rise in population,” Brady says. Gateway Centre is located at Sam Ridley Parkway and Wolverine Drive. CDI has tapped local architect H. Michael Hindman to work on the center.

CDI has developments in Tennessee and Florida and is actively seeking locations for additional big box retail development throughout the Southeast.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.