NASHVILLE, TN— Matthews™, a commercial real estate investment services and technology firm, facilitated the sale of Shops of Wilma Rudolph, located at 3031 Wilma Rudolph Blvd in Clarksville, Tennessee. Matthews™ Senior Associate Robert Tate represented the seller in the transaction, which traded at a price north of $5,000,000, representing a per-square-foot value exceeding $500.

 

Located within the high-growth corridor of Clarksville, a city that has experienced over 16% population growth since 2020, the unanchored retail strip center sits along a high-traffic commercial artery, seeing nearly 40,000 vehicles per day. The 10,031-square-foot, 100% occupied center features a national roster of tenants, including Sleep Number, FedEx Office, and a U.S. Army Recruiting Station, all operating under an NNN lease structure, with one tenant currently paying well below market rent set to reset to fair market rate at their next option period in 2028. After completing capital improvements in 2018, the seller, a Tennessee-based developer, brought the property to market to reallocate capital into new projects.

 

The Matthews™ agents generated numerous offers from both in-state and out-of-state investors, ultimately securing a buyer completing a 1031 exchange. The North Alabama-based private investor was attracted to the property’s improvements, prime location, and national tenant lineup. Matthews™ closed with the first buyer to go under contract, allowing the seller to secure a favorable price in a timely manner while enabling the buyer to successfully complete their up-leg.

 

“We are grateful for the opportunity to work on such a high-quality asset in one of the fastest-growing markets in Tennessee,” Tate said. “It was a pleasure to deliver on the commitments we made at the beginning of this process and to help our client achieve their goals.”

 

For more information, please contact Robert Tate, or visit www.matthews.com.

 

About Matthews™

Matthews™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 30 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.