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Merus Acquires RiverGate Mall In Goodlettsville, TN From Hendon Properties For $33 Million

Property Image
SOLD
$33,000,000
John Tennant
Bryan Belk
Jordan Powell
+ 2

Tennessee

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Retail514,894 SF
Sold 02/20/2026
the dealplayerscompscontact
Property Image
SOLD

Merus Acquires RiverGate Mall In Goodlettsville, TN From Hendon Properties For $33 Million

1000 Rivergate Parkway

See Similar Deals
Retail514,894 SF
Sold 02/20/2026
John Tennant
Bryan Belk
Jordan Powell
+ 2
the dealplayerscompscontact
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Summary

TENNESSEE
Asset Type:Retail
Price Per Square Foot:$64
Total Square Footage:514,894 SF
Transaction Type:Sale

The property asset involved in the transaction is a retail space located at 1000 Rivergate Parkway in Goodlettsville, TN. This retail sale was finalized for a price of $33,000,000 and covers an area of approximately 514,894 square feet, resulting in a price per square foot of $64.

Summary of transaction details:

This transaction is notable as Avison Young facilitated the sale of RiverGate Mall, marking a significant retail transaction in Nashville, with plans for redevelopment into a mixed-use area including homes, shops, and hotels, set to commence construction in late 2026.

Players

Bryan Belk
Franklin Street
Bryan Belk
11 deals$167.6M volume
BROKER
John Tennant
Franklin Street
John Tennant
8 deals$113.9M volume
BROKER
Jordan Powell
Avison Young
Jordan Powell
5 deals$55.2M volume(615) 727-7438
BROKER
Mike Jacobs
Avison Young
Mike Jacobs
5 deals$55.2M volume(615) 491-0405
BROKER
Lisa Maki
Avison Young
Lisa Maki
5 deals$55.2M volume(615) 727-7400
BROKER
HP
Hendon Properties
SELLER

Details

SOLD
IMAGE: 02/20/2026 ADDRESS: 1000 Rivergate Parkway MARKET: Goodlettsville, TN ASSET TYPE: Retail BUYER: Merus SELLER: Hendon Properties BUYER'S REP: Bryan Belk & John Tennant - Franklin Street SELLER'S REP: Jordan Powell, Lisa Maki & Mike Jacobs - Avison Young SALE PRICE: $33,000,000 SF: 514,894 ~ PPSF: $64 NOTE: Avison Young sold RiverGate Mall in Tennessee for $33 million to Merus, the biggest retail sale in Nashville in five years. The mall will be turned into a mixed-use area with homes, shops, and hotels, starting construction in late 2026.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,759,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$117,242.04
Cash-on-Cash Return-1.27%
Monthly Debt Service$156,436.84
Annual Debt Service$1,877,242.03