Occupancy is full; the pricing question is what the leases are worth.
Nuveen sold Southside at McEwen, a 92,470 SF center in Franklin, Tennessee, to a high-net-worth family office. The price was not disclosed in the reviewed announcements.
JLL reports 100% occupancy and a 45,047 SF Whole Foods anchor, which it describes as Tennessee’s most-visited location. The anchor represents approximately 49% of the center’s area, a CRE360 calculation.
According to JLL, in-line shop tenants average more than $800 per SF in sales and several pay below-market rents. Reported sales are tenant revenue, not the landlord’s rent or NOI.
JLL represented Nuveen; Lincoln Property Company advised the buyer.
Below-market leases can offer upside when they reset, but the timing, retention costs and achievable rents depend on lease terms and market conditions. Full occupancy alone does not quantify that opportunity. Price, NOI, lease expirations and the anchor’s remaining term were not disclosed in these reviewed sources, so the potential return cannot be sized.
Key Takeaways
- The 45,047 SF Whole Foods represents approximately 49% of the 92,470 SF center, a CRE360 calculation.
- JLL reports shop sales above $800 per SF and below-market leases. Those figures suggest a leasing question, not a quantified NOI increase.
- Price, NOI and lease expirations were not disclosed; a cap rate or return cannot be calculated from the reviewed sources.
JLL — Southside at McEwen sells, October 9, 2026 · https://www.jll.com/en-us/newsroom/jll-arranges-the-sale-of-southside-at-mcewen · Connect CRE — Nuveen Offloads 92K-SF Franklin Retail Center, October 12, 2026 · https://www.connectcre.com/stories/nuveen-offloads-92k-sf-franklin-retail-center/
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