Nordstrom entering Nashville market

Nashville's retail real estate market is growing.

The first Nordstrom Rack discount retail store in Tennessee will be opening in the tony Nashville suburb of Brentwood. The first Nordstrom location opened in Tennessee in 2011, so the new store marks an expansion of the brand in the state.

The new 36,000-square-foot sore is joining the growing retail and commercial real estate industry in Nashville and its suburbs. The Beacon Center of Tennessee – a research organization – said Nordstrom Rack will be located in the Brentwood Place Shopping Center development in its namesake suburb, which is the state's most business friendly city, Multi Housing News reported. The 310,000-square-foot shopping center is anchored by Kroger, TJ Maxx Home Goods, Steinmart and Office Depot.

"They are joining an outstanding group of retail merchants in one of the premier shopping destinations in the greater Nashville area," Carl Storey – a principal of Baker Storey McDonald Properties, which runs Brentwood Place – said of Nordstrom in a press release.

Nashville's overall retail industry has been growing recently, with a vacancy rate of about 7.7 percent, which is the lowest rate since second quarter 2009, according to a report from Colliers International. However, Brentwood's retail market is the tightest in the regional area, with a vacancy rate of just 2.1 percent and showing signs that it will keep declining. The suburb also has an average retail rate of $15.39 compared to the overall Nashville rate of $14.32.

A number of factors are expected to keep the Nashville commercial real estate market improving, including a low inventory and various areas of economic growth.

"Nashville's economic picture continues to improve with projected job growth and an unemployment rate below the national average," the Colliers report stated. "Due to the relatively low volume of new supply in Nashville's pipeline, it is expected that the metro area's high demand will continue to keep the retail market strong."

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