The Markets at Town CenterJacksonville, Fla., and Murfreesboro, Tenn. — Hines, an international real estate investment firm based in Houston, has acquired two retail centers in Tennessee and Florida through Hines Global REIT. The centers include The Markets at Town Center in Jacksonville and The Avenue Murfreesboro in Murfreesboro. The Markets at Town Center is a nine-building, 317,415-square-foot, upscale retail center that Hines purchased from Pinehill Investment Co. The Markets at Town Center is part of the St. Johns Town Center master-planned development and is 93 percent leased. Tenants include Toys R' Us, Nordstrom Rack, West Marine, REI, Best Buy and Gold Galaxy. Hines has retained Genesis Real Estate Advisers LLC as the property manager.
The Avenue Murfreesboro is a 10-building, 747,497-square-foot center that Hines purchased from Faison & Associates and Cousins Properties. The center is 89 percent leased to 93 tenants including Belk, Dick's Sporting Goods, Haverty's, Barnes & Noble, Bed Bath & Beyond and Michael's. David Hocker & Associates will manage the center on behalf of Hines.