Illustrative rendering of a grocery-anchored neighborhood center at blue hour (not the subject property)
Sample
SAMPLEIllustrative
Harpeth
Commercial
Listing proposal for the owner · Hermitage, Tennessee

Stones River Commons

A plan to sell your center, and what it is worth.
Broker Opinion of Value  ·  Marketing Plan  ·  Track Record
Harpeth Commercial · Nashville · November 2026 · SAMPLE Plate: illustrative rendering, not the subject property
Sample
SAMPLEIllustrative
Harpeth CommercialContents & terms of this book
In this book

Five answers for one owner, about one center.

  1. 01The Center
    A grocer that chose to stay, and 22,000 square feet of daily-needs shops that ride its traffic.
    04
  2. 02Broker Opinion of Value
    $12,300,000. Two methods, one answer, $6,267 apart.
    07
  3. 03Track Record
    Ten listings, six grocery-anchored centers, 8.9 offers on average.
    13
  4. 04The Marketing Plan
    Launch January 12. Offers February 18. Close May 5.
    14
  5. 05Why Harpeth
    The person who pitched you runs your deal.
    20

Prepared as of November 1, 2026 (sample). All remaining-term figures in this book are measured from that date. Every figure on every page traces to one model; no table in this book disagrees with another.

The calendar we propose
MilestoneDate (sample)
Owner meeting / pitchThu, Nov 5, 2026
Listing agreement executedFri, Nov 13, 2026
Preparation: OM, data room, photography, buyer listNov 16, 2026 to Jan 8, 2027
LaunchTue, Jan 12, 2027
Call for offersThu, Feb 18, 2027, 5:00 p.m. CT
Best-and-final round dueThu, Feb 25, 2027
Buyer selectedMon, Mar 1, 2027
Purchase and sale agreement executedFri, Mar 5, 2027
Due diligence expires (30 days)Mon, Apr 5, 2027
ClosingWed, May 5, 2027
Illustrative figures · Broker Opinion of Value, not a certified valuation.
$12.3M
Broker Opinion of Value
6.75%
Cap rate on Year-1 in-place NOI
96.7%
Leased today
16 weeks
and 1 day, launch to close
Read this first

Sample for demonstration only. All figures, the center, its tenants, the comparable sales, the track record and the dates in this book are illustrative samples. They are not a valuation of any actual property and describe no real transaction. The value shown is a Broker Opinion of Value prepared by a licensed real estate broker for listing and marketing purposes. It is not a certified valuation and should not be relied on for lending, tax, litigation or financial-reporting purposes.

How the sample is marked: a brick tab on every page, the word SAMPLE drawn faint across every sheet, and a sample line under every table. The plates are illustrative renderings and show no real property.
Harpeth
Commercial
Stones River Commons · Listing proposal02
Sample
SAMPLEIllustrative
Harpeth CommercialA letter to the owner
To the owner of Stones River Commons

We have spent the last three weeks on your center, not on a template.

We walked the lot on a Tuesday morning and a Saturday afternoon. We counted cars. We read the rent roll suite by suite, and we priced Stones River Commons against six grocery-anchored sales a buyer will actually put next to it. What follows is our Broker Opinion of Value, $12,300,000, the method behind it, and the plan we would run to beat it.

Two larger firms will also show you a number. Ask each of them the same three questions. Which comps did you use, and why those? Who runs my deal on a Tuesday in February? Which buyers will you call first, by name? We have written our answers down. They are in this book.

Managing Director
Harpeth Commercial · Nashville
$12,300,000
Broker Opinion of Value
$830,232
Year-1 in-place NOI
6.75%
Concluded cap rate · $205.00/SF
May 5, 2027
Proposed closing · offers due Feb 18
Stones River Commons · Listing proposal · Sample figures03
Sample
SAMPLEIllustrative
Harpeth Commercial01 · The Center
01 · The Center

Stones River Commons

A grocer that chose to stay, and 22,000 square feet of daily-needs shops that ride its traffic.
Illustrative aerial of a grocery-anchored center on a four-lane arterial at morning
Illustrative plate · Sample  The shape of the asset a buyer is pricing: one grocery box, a continuous inline row, a signalized arterial entrance and a parking field that fills by 8 a.m. Rendering; not the subject property.
3-MILE TRADE AREA SUBJECT LEBANON PIKE 27,500 vehicles/day at the site TULIP GROVE CORRIDOR 14,200 vehicles/day ← toward downtown Nashville N SCHEMATIC · NOT TO SCALE · SAMPLE COUNTS

Trade area, 3-mile (sample)

58,400
Population
23,900
Households
$78,600
Median household income

East Davidson County rooftops on both sides of Lebanon Pike, and a cross corridor feeding the signal. The traffic is the argument: the OM leads with it, and the drone video shows it at a weekday peak.

The center at a glance

Address4410 Lebanon Pike, Hermitage, TN 37076 (illustrative address)
SubmarketHermitage / Lebanon Pike corridor, east Davidson County, Nashville MSA
TypeGrocery-anchored neighborhood center
GLA60,000 SF
Anchor GLA38,000 SF (63.3%)
Inline GLA22,000 SF (36.7%), 13 suites
Site area7.4 acres
Year built2007. Façade and storefront refresh 2021; anchor roof replaced 2019; inline roof 2007, coated 2022
Parking312 surface spaces, 5.2 per 1,000 SF
Frontage & access640 ft on Lebanon Pike; signalized full-access entrance plus one right-in/right-out; pylon sign with 8 tenant panels
Occupancy96.7% overall (58,000 of 60,000 SF); anchor 100%; inline 90.9% (20,000 of 22,000 SF)
WALT6.44 years on occupied SF (anchor 7.83 years; inline 3.79 years)
60,000 SF, by occupancy
Anchor 38,000Inline occupied 20,000Vacant 2,000
Illustrative figures · Broker Opinion of Value, not a certified valuation.
Stones River Commons · The Center04
Sample
SAMPLEIllustrative
Harpeth Commercial01 · The Center · Site plan & anchor

Fourteen suites on one line of frontage, read the way a buyer walks them.

Schematic site plan · not to scale · sample
DRIVE-THRU DRIVE-THRU 101102103104105106 107108109110111112113 2,8002,6002,4002,0001,8001,800 A · CUMBERLAND FRESH MARKET 38,000 SF · NNN · lease to Aug 31, 2034 312 SURFACE SPACES · 5.2 PER 1,000 SF SIGNALIZED FULL ACCESS RIGHT-IN / RIGHT-OUT PYLON · 8 TENANT PANELS LEBANON PIKE 27,500 VEHICLES/DAY · 640 FT OF FRONTAGE N
Anchor Inline, leased Vacant, 2,000 SF (104, 110) Expires within 24 months (102, 103, 108, 111)
The anchor
TenantCumberland Fresh Market, sample regional grocer: 64 stores across Tennessee, Kentucky and Alabama; privately held, no public rating; original tenant since 2007
Lease typeNNN. Pro-rata taxes and insurance; CAM contribution capped at $1.25/SF
Base rent$11.50/SF · $437,000/yr through Aug 31, 2029
Step$12.08/SF ($459,040/yr) from Sep 1, 2029 through Aug 31, 2034 (5%)
ExpirationAug 31, 2034 (extended early in 2024)
OptionsFour 5-year options, 5% increase at each
Illustrative figures · Broker Opinion of Value, not a certified valuation.
7.83 yrs
Anchor term remaining
$450/SF
Store sales, trailing 12 months ($17,100,000)
3.39%
Health ratio: rent + recoveries ÷ sales
19 years
Operating history at this site
Early extension, sub-4% occupancy cost and 19 years at this site: a grocer that has already chosen to stay.

The arithmetic: ($437,000 + $142,500) ÷ $17,100,000 = 3.39%. The $142,500 is the anchor's share of taxes, insurance and capped CAM (page 08).

Stones River Commons · The Center05
Sample
SAMPLEIllustrative
Harpeth Commercial01 · The Center · Rent roll
The rent roll, suite by suite

One anchor, eleven paying shops, two open bays, and every lease drawn to its last day.

SuiteTenant (sample) and useSFRent/SFAnnual base rentExpiration
’27’28’29’30’31’32’33’34
ACumberland Fresh Market · Grocery anchor38,000$11.50$437,000Aug 31, 2034
101Pike Street Chicken · Quick-service, drive-thru endcap2,800$34.00$95,200Mar 31, 2033
102Polished Nail Lounge · Nail salon1,400$22.00$30,800Jun 30, 2028
103Hermitage Insurance Group · Insurance agency (national-carrier agent)1,200$21.00$25,200Dec 31, 2027
104VACANT · Second-generation retail1,200($23.00 market)n/an/a
105Cocina Stones River · Full-service Mexican restaurant2,600$20.00$52,000Sep 30, 2030
106Wireless store (carrier franchisee) · Mobile / wireless1,600$24.00$38,400Jan 31, 2029
107Stones River Family Dental · Dental office2,400$23.50$56,400Jul 31, 2031
108Cutline Barber Co. · Barber1,000$22.60$22,600Apr 30, 2028
109Pizza carryout (franchisee) · Quick-service pizza1,400$22.00$30,800Oct 31, 2029
110VACANT · Second-generation retail800($24.00 market)n/an/a
111Lebanon Pike Taekwondo · Fitness / martial arts2,000$17.50$35,000Feb 29, 2028
112Fresh Press Cleaners & Laundry · Dry cleaner / laundromat1,800$19.00$34,200Aug 31, 2030
113Pike & Pour Coffee · Coffee, drive-thru endcap1,800$33.00$59,400May 31, 2034
Inline occupied · 11 tenants20,000$24.00$480,000
Inline vacant at market · 2 suites2,000$23.40$46,800
Inline total · 13 suites22,000$526,800 potential
Illustrative figures · Broker Opinion of Value, not a certified valuation. Lease bars run from Nov 1, 2026; the shaded band is the next 24 months.
Stones River Commons · The Center06
Sample
SAMPLEIllustrative
Harpeth Commercial02 · Broker Opinion of Value
02 · Broker Opinion of Value · the conclusion first
$12,300,000
Two methods, one answer, $6,267 apart.
$205.00
Value per SF
6.75%
Concluded cap rate, Year-1 in-place NOI
$830,232
Year-1 NOI, the value basis
The BOV range: $12,000,000 to $12,600,000
$12,000,000$12,300,000$12,600,000 FLOOR · HOLD ABOVEBROKER OPINION OF VALUEMARKETING GUIDANCE 6.92% cap · $200/SF6.75% cap · $205/SF6.59% cap · $210/SF
The value

$830,232 ÷ 0.0675 = $12,299,733, rounded to $12,300,000.

Per foot

$12,300,000 ÷ 60,000 SF = $205.00/SF. $830,232 ÷ $12,300,000 = 6.750%.

The ends

$830,232 ÷ $12,600,000 = 6.589%. $830,232 ÷ $12,000,000 = 6.919%.

Stones River Commons · Broker Opinion of Value07
Sample
SAMPLEIllustrative
Harpeth Commercial02 · Broker Opinion of Value · A. Income approach
A · Income approach · Year-1 pro-forma operating statement

What the center earns from November 2026 forward, line by line, with nothing assumed that a buyer cannot check.

LineAnnualPer SF (60,000)Basis
Gross potential rent$963,800$16.06Rent roll, vacant suites at market
Less: physical vacancy($46,800)($0.78)Suites 104 and 110 carried vacant all year
Less: credit loss($4,800)($0.08)1.0% of inline occupied rent; no reserve on anchor
Net base rent$912,200$15.20
Expense reimbursements (NNN)$224,500$3.74Recovery build, at right
Effective gross revenue (EGR)$1,136,700$18.95
Real estate taxes($117,000)($1.95)Sample current bill
Insurance($33,000)($0.55)Property and liability
Common area maintenance($96,000)($1.60)Parking lot, lighting, landscaping, repairs, security patrol
Management fee($45,468)($0.76)4.0% of EGR
Non-recoverable admin / legal($6,000)($0.10)
Total operating expenses($297,468)($4.96)26.2% of EGR
NOI before reserves$839,232$13.99
Replacement reserves($9,000)($0.15)$0.15/SF; roof and parking lot
Net operating income (NOI)$830,232$13.84Value basis
Illustrative figures · Broker Opinion of Value, not a certified valuation.
Where each dollar of EGR ($1,136,700) goes
NOI $830,232
Operating expenses $297,468
Reserves $9,000
Stones River Commons · Broker Opinion of Value08
Sample
SAMPLEIllustrative
Harpeth Commercial02 · Broker Opinion of Value · A. Income approach
The cap-rate build · how we get to 6.75%

Start where the comps trade, then move only for what this center actually is.

Stepbps6.50%6.60%6.70%6.80%6.90%Running
Market band, grocery-anchored neighborhood centers, Nashville MSA and middle Tennessee. Comp set 6.40% to 7.20%; mean and median 6.775%, taken at 6.80%6.80%
Anchor term: 7.83 years remaining, extended early, four options−106.70%
Anchor health: $450/SF sales, 3.39% occupancy cost−56.65%
Frontage and traffic: 27,500 vehicles/day, signalized access−56.60%
Inline vacancy: 2,000 SF (9.1% of inline) and 5,600 SF rolling within 24 months+106.70%
Vintage: 2007 build, original inline roof (coated 2022)+56.75%
Concluded cap rate, Year-1 in-place NOI6.75%
Tightens the rate (worth more)Widens the rate (worth less)
Illustrative figures · Broker Opinion of Value, not a certified valuation.

Sensitivity · Year-1 NOI $830,232

Cap rateIndicated valuePer SF
6.50%$12,772,800$212.88
6.59%$12,600,000$210.00Guidance
6.75%$12,299,733 → $12,300,000$205.00BOV
6.92%$12,000,000$200.00Floor
7.00%$11,860,457$197.67
Illustrative figures · Broker Opinion of Value, not a certified valuation.

6.59% and 6.92% are the implied rates at the ends of the range: $830,232 ÷ $12,600,000 = 6.589%; $830,232 ÷ $12,000,000 = 6.919%. The BOV sits between them, at the rate the build above argues step by step.

Indicated value, income approach
$12,299,733
Rounds to $12,300,000
Stones River Commons · Broker Opinion of Value09
Sample
SAMPLEIllustrative
Harpeth Commercial02 · Broker Opinion of Value · B. Sales comparison
B · Sales comparison · the comp set

Six grocery-anchored sales a buyer will put next to your center. October 2025 to August 2026.

Every comp is a grocery-anchored neighborhood center between 55,800 and 72,400 SF in the Nashville MSA and middle Tennessee. $/SF = price ÷ GLA on every row.

#Center and address (sample, illustrative)SubmarketGLA (SF)Sale price$/SFCap rateSale dateBuyer / SellerWhy it is in the set
1Bellevue Commons West
8020 Sawyer Brown Rd, Nashville, TN 37221
Bellevue64,200$13,650,000$212.626.55%Aug 2026Private 1031 buyer (California) / Local developer-ownerStronger Bellevue incomes bought the tighter rate; 41,000 SF regional grocer with 9 years left.
2Shute Lane Crossing
5540 Old Hickory Blvd, Hermitage, TN 37076
Hermitage55,800$11,100,000$198.926.85%May 2026Regional syndicator / Family trustSame trade area as the subject; grocer with 6 years left and inline at 88%.
3Providence Market Square
1180 N Mt. Juliet Rd, Mt. Juliet, TN 37122
Mt. Juliet72,400$15,900,000$219.616.40%Mar 2026DST sponsor / Private equity fund2016 build, 12 years on the grocer: the floor of the set.
4Bell Road Marketplace
2290 Bell Rd, Antioch, TN 37013
Antioch58,900$10,250,000$174.027.20%Jan 2026Local family office / Institutional REIT disposition1999 vintage, grocer with 4 years left, inline at 81%: the ceiling of the set.
5Sam Ridley Station
640 Sam Ridley Pkwy W, Smyrna, TN 37167
Smyrna / Rutherford Co.61,500$12,450,000$202.446.70%Jun 2026Private 1031 buyer (Tennessee) / DeveloperClosest analog: regional grocer, 2006 build, inline at 92%.
6Nashville Pike Commons
1475 Nashville Pike, Gallatin, TN 37066
Gallatin / Sumner Co.66,000$12,800,000$193.946.95%Oct 2025Regional syndicator / Estate saleFurther out with a longer grocer term; estate seller ran a short process.
SStones River Commons (subject, at the BOV)Hermitage60,000$12,300,000$205.006.75%—Broker Opinion of Value
Illustrative figures · Broker Opinion of Value, not a certified valuation. All six sales are samples; addresses are illustrative.

Comp set statistics

LowHighMeanMedianSubject
Cap rate6.40%7.20%6.775%6.775%6.75%
$/SF$174.02$219.61$200.26$200.68$205.00
GLA55,80072,40060,000
Illustrative figures · BOV, not a certified valuation.

Where the subject sits among the six

6.30%6.50%6.70%6.90%7.10%7.30% 123456 SUBJECT 6.75% · dashed: mean 6.775%

The subject's 6.75% sits 2.5 basis points inside the comp mean and between its two closest analogs (Comp 5 at 6.70%, Comp 2 at 6.85%). That is where a center with a longer anchor term than Comp 2 and slightly higher inline vacancy than Comp 5 belongs.

Stones River Commons · Broker Opinion of Value10
Sample
SAMPLEIllustrative
Harpeth Commercial02 · Broker Opinion of Value · B. Sales comparison
The adjustment grid, drawn

Raw prices from $174.02 to $219.61 a foot close to $202.04 to $206.49 once each sale is adjusted to your center.

BOV $205.00 $170$180$190$200$220 1 Bellevue Commons W.2 Shute Lane Crossing3 Providence Market Sq.4 Bell Road Marketplace5 Sam Ridley Station6 Nashville Pike Commons
○ Raw $/SF as sold● Adjusted to the subjectShaded: adjusted range $202.04 to $206.49

Adjustment grid · $/SF

#Center$/SFLocationVintage / conditionAnchor term / creditInline occupancyOtherNetAdjusted $/SF
1Bellevue Commons West$212.62−3%0%0%0%0%−3%$206.24
2Shute Lane Crossing$198.920%0%+2%+1%0%+3%$204.89
3Providence Market Square$219.610%−5%−3%0%0%−8%$202.04
4Bell Road Marketplace$174.02+5%+5%+5%+3%0%+18%$205.34
5Sam Ridley Station$202.440%0%+1%0%+1% (parking)+2%$206.49
6Nashville Pike Commons$193.94+5%0%0%+1%0%+6%$205.58
Adjusted range $202.04 to $206.49 · median $205.46Mean$205.10
Illustrative figures · Broker Opinion of Value, not a certified valuation.
Stones River Commons · Broker Opinion of Value11
Sample
SAMPLEIllustrative
Harpeth Commercial02 · Broker Opinion of Value · C. Reconciliation & the buyer's view
C · Reconciliation

The value does not depend on which method you trust.

ApproachIndicatedWt.Weighted
Income NOI $830,232 at 6.75%$12,299,73360%$7,379,840
Sales comparison $205.10/SF adjusted$12,306,00040%$4,922,400
Reconciled$12,302,240
Broker Opinion of Value (rounded)$12,300,000
Illustrative figures · Broker Opinion of Value, not a certified valuation.

Why the weighting. Buyers of grocery-anchored centers price on in-place income and test it against cap rates, so the income approach leads. The two approaches land within $6,267 of each other, which is the point.

Sanity checks

  1. $205.00/SF sits inside the raw comp range ($174.02 to $219.61), above the unadjusted mean ($200.26) for reasons the grid names, and at the adjusted mean ($205.10).
  2. 6.75% sits inside the comp cap range (6.40% to 7.20%) and at the comp mean (6.775%).
  3. Every comp traded inside our range of implied cap rates once adjusted for anchor term and vintage; none requires a story to explain away.
For the buyer · an OM page, not part of the value

What a buyer sees: the lease-up upside

Lease 2,000 SF vacancy at market+$46,800
Added credit loss (1.0%)−$468
Added recoveries (vacant share)+$8,200
Added management fee (4.0% of $54,532)−$2,181
Stabilized NOI$882,583
Stabilized yield on $12,300,0007.18%
Lease-up cost: TI $20/SF ($40,000) + commissions 6% of 5-yr rent ($14,040) + 3 months free ($11,700)$65,740
Stabilized yield on all-in $12,365,7407.14%
Illustrative figures · BOV, not a certified valuation.

A buyer at the BOV buys a 6.75% day-one return with a visible path past 7.1% for roughly $66,000 of leasing work.

For the buyer · an OM page, not part of the value

The buyer's debt lens

Sample assumptions: 60% loan-to-value, 6.25% fixed, 30-year amortization. Re-check rates at launch.

Loan ($12,300,000 × 60%)$7,380,000
Equity$4,920,000
Annual debt service (7.389% constant)$545,271
Debt service coverage ($830,232 ÷ $545,271)1.52x
Year-1 cash-on-cash ($284,961 ÷ $4,920,000)5.79%
Illustrative figures · BOV, not a certified valuation.

Reading: leverage is mildly negative at today's sample rates (6.75% cap against a 7.39% loan constant). That is why the buyer pool for this center leans to all-cash and low-leverage 1031 money, and why the marketing plan targets exactly that money.

$12,300,000
Priced on what the center earns today: 6.75% on $830,232. The upside at left is sold as the reason to stretch toward guidance of $12,600,000, never baked into the number.
Stones River Commons · Broker Opinion of Value12
Sample
03 · Track record

Ten listings, six grocery-anchored centers, 8.9 offers on average.

$88.8M
Closed across ten listings ($88,800,000)
8.9
Offers per listing, average (89 ÷ 10)
99.7%
Average sale price to asking
$64.05M
Grocery-anchored: 72% of volume, 6 centers, 373,700 SF
77.6
Average days on market (776 ÷ 10)
445,900
Square feet sold
SAMPLEIllustrative
Harpeth Commercial03 · Track Record
Closed as exclusive listing broker · seller representation · sample deals
Grocery-anchored center
#Deal (sample)LocationProperty typeSFSale price$/SFClosedDays on mkt% of askingOffersBuyer
1Riverbend CommonsMadison, TNGrocery-anchored center58,400$10,950,000$187.50Q2 202474101.4%11Private 1031 buyer
2Fairview Village CenterFairview, TNGrocery-anchored center52,100$8,400,000$161.23Q4 20238898.8%7Regional syndicator
3Cane Ridge MarketAntioch, TNGrocery-anchored center67,300$12,250,000$182.02Q3 202569100.0%13DST sponsor
4Spring Hill CornersSpring Hill, TNShadow-anchored strip18,600$5,850,000$314.52Q1 202561102.6%9Local family office
5Lebanon SquareLebanon, TNGrocery-anchored center71,800$11,600,000$161.56Q2 20239697.5%6Regional syndicator
6Nolensville Pike CrossingNashville, TNNeighborhood strip center24,500$6,300,000$257.14Q4 202472100.8%8Private 1031 buyer
7Goodlettsville PlazaGoodlettsville, TNGrocery-anchored center63,900$11,150,000$174.49Q1 20268299.1%10Local family office
8Clarksville CommonsClarksville, TNGrocery-anchored center60,200$9,700,000$161.13Q3 202310196.9%5Private 1031 buyer
9Murfreesboro QSR Pad Portfolio (3 pads)Murfreesboro, TNSingle-tenant net lease, quick-service8,100$7,650,000$944.44Q2 202554101.3%14Private 1031 buyers (3)
10Dickson Medical RetailDickson, TNMedical-retail strip21,000$4,950,000$235.71Q4 20257999.0%6Local private investor
Ten listings445,900$88,800,00077.6 avg99.7% avg8.9 avg
Illustrative figures · Broker Opinion of Value, not a certified valuation. Sample track record; no real transaction is described.

Read the grocery rows. Six centers between 52,100 and 71,800 SF: the size, the tenancy and the buyer pool of Stones River Commons. We know how regional grocers answer estoppels, how CAM caps change recoveries, and which buyers stretch for a drive-thru endcap.

Read the offers column. Wide lists produce tours; narrow lists produce offers. Ten processes run on named buyer lists averaged 8.9 offers and closed at 99.7% of asking.

Stones River Commons · Track Record13
Sample
SAMPLEIllustrative
Harpeth Commercial04 · The Marketing Plan
04 · The Marketing Plan, built for this center

Launch January 12. Offers February 18. Close May 5.

Every tactic on the next six pages serves one paragraph: the thesis below, which is page one of the offering memorandum.
The thesis we sell to buyers

Stones River Commons is a 60,000 SF daily-needs center on Lebanon Pike in Hermitage, anchored by a regional grocer that extended its lease early, through August 2034, at a 3.39% occupancy cost. It is 96.7% leased, it offers a 6.75% return on in-place income, and it has a short, visible path past 7.1% by leasing 2,000 SF and marking four renewals to market.

Pricing and guidance

Guidance, not a list price

“Offers invited; guidance $12,600,000 (6.59% cap on in-place NOI).” Buyers compete toward the top of the range, not down from it.

Where it should clear

Our BOV, $12,300,000. That is where we expect a well-run process to clear.

The floor we recommend you hold

$12,000,000. Below that, re-tour the two vacant suites with leasing prospects and relaunch with signed LOIs; never chase a buyer down.

Rationale on request

Tier 1 buyers get the comp set and the cap-rate build. A buyer who sees the six comps argues inside the range instead of outside it.

Every Friday, in writing
Your weekly report, from launch to close.
01

Confidentiality agreements signed, by buyer and tier.

02

Data-room activity by buyer: who opened the rent roll, and when.

03

The tour schedule, and who is coming back for a second visit.

04

Pricing feedback, and whether we hold or tighten guidance.

Stones River Commons · The Marketing Plan14
Sample
SAMPLEIllustrative
Harpeth Commercial04 · The Marketing Plan · Who buys this center
Who buys this center, and why

Five buyer types. What each needs, what each will ask, and how each hears about it first.

Wide lists produce tours. Narrow lists produce offers.
Buyer typeWhy this center fits themWhat they will askHow we reach them
Private 1031 exchange buyers
California, New York, Florida and in-state sellers of apartments and industrial
$12.3M is the right check for a mid-size exchange; the grocery anchor reads as low-management; all-cash or low-leverage money is not hurt by today's negative leverage.Anchor term and sales; who manages it; can they close inside 180 days.Direct calls to the 1031 intermediaries and exchange-focused brokers who carry these buyers; a two-page exchange brief with the closing calendar; co-brokerage offered in writing.
Regional syndicators
Southeast-based sponsors raising $3M to $6M of equity per deal
A Nashville-metro grocer with 7.83 years of term and a lease-up story fits a 5-to-7-year hold; the rollover is their value-add.Mark-to-market on the four 2027–2028 expirations; capex on the 2007 inline roof.Tier 1 personal calls from the managing director; underwriting file (rent roll, recoveries, 3 years of operating statements) released on signed confidentiality agreement.
Local and regional family offices
Nashville, Birmingham, Atlanta, Knoxville
They know Hermitage, they like hard assets they can drive to, and they hold for decades.Grocer's history at this site; trade-area growth along Lebanon Pike.Individual meetings in Nashville in Week 1; first tours offered to them.
DST sponsorsA single grocery-anchored asset at this size packages cleanly for exchange investors.Whether 7.83 years of anchor term is enough for their investors (it is at the edge; we tell them so).Direct outreach to the sponsors' acquisitions desks; data room access on day one.
Stretch: grocery-anchored REITs and private-equity aggregatorsBelow most institutional size thresholds, but one-off buys happen when a center fills a market gap.Fit with their existing Nashville holdings.One call each from the managing director. We tell you plainly that this is a long shot, not the base case.
Sample plan · Illustrative figures · Broker Opinion of Value, not a certified valuation.
The likely buyer

All-cash and low-leverage 1031 money, because leverage is mildly negative at a 6.75% cap (page 12).

The value-add reader

Syndicators read the four 2027–2028 expirations as upside. The lease-up memo is written for them.

The local hand

Family offices see it first, in person, in Week 1. They tour before the platforms go live.

The honest edge

7.83 years of anchor term is at the edge for DST investors. We say so on the first call.

Stones River Commons · The Marketing Plan15
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Harpeth Commercial04 · The Marketing Plan · The offering package
The offering package

Seven pieces, each written to answer this center's hard question before a buyer asks it.

PieceWhat is in itWhy it matters for this center
Offering memorandum
print and digital
Investment thesis; aerial and drone photography; site plan with suite numbers; rent roll; anchor profile; recoveries; lease-up upside table; trade-area map and traffic counts; the six compsBuyers read the anchor page first and the rollover page second. We write both pages to answer the question before it is asked.
Two-page teaserThe thesis paragraph, the headline numbers, the guidance, the datesGoes to all three tiers on launch day.
Virtual data room3 years of operating statements; current tax and insurance bills; CAM reconciliations; every lease and amendment; grocer sales reports (under confidentiality); survey; Phase I environmental; title commitment; roof and parking-lot condition reportsOpens on signed confidentiality agreement. A complete room on day one shortens due diligence from “please send” to “we have read it.”
Grocer estoppel and SNDA, pre-orderedDraft estoppel sent to the grocer's real estate department the week we are hiredRegional grocers can take 30 days or more to return estoppels. Ordered in November, it is waiting when the buyer needs it in March.
Lease-up memoLeasing interest on suites 104 and 110; renewal conversations with the four 2027–2028 tenants, documented with each tenant's tenureTurns the buyer's main objection into the buyer's upside.
Drone video
60 to 90 seconds
Lebanon Pike frontage, signalized entrance, parking field at a weekday peakThe traffic is the argument; a still cannot show it.
Listing platformsCoStar, LoopNet and Crexi listings launched in Week 1, after Tier 1 has had its first lookReaches the exchange buyers we do not know yet, without letting the platforms set the first impression.
Sample plan · Broker Opinion of Value, not a certified valuation.

Order of release · who sees what, and when

1

Before launch. Tier 1 courtesy calls: a grocery-anchored center in Hermitage launches January 12.

2

Launch morning. Teaser to Tier 1 by personal email from the managing director; then Tiers 2 and 3.

3

Same day. Data room opens as each confidentiality agreement is executed.

4

Wednesday, Week 1. CoStar, LoopNet and Crexi go live, after Tier 1 has had its first look.

5

Week 3. Lease-up memo to every buyer who has opened the rent roll.

Stones River Commons · The Marketing Plan16
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Harpeth Commercial04 · The Marketing Plan · The call-for-offers calendar
The call-for-offers calendar · sample dates

From launch to close: 16 weeks and 1 day.

A 1031 exchanger must identify replacement property within 45 days of selling. Exchangers whose sales close between Christmas and late January face deadlines from early February to mid-March. February 18 sits in the middle of that window, and May 5 fits inside their 180-day limit.

1031 IDENTIFICATION DEADLINES · EARLY FEB TO MID-MAR NOV 2026DECJAN 2027FEBMARAPRMAY W1W2W3W4W5W6W7W8 OWNER & AGREEMENTPREPARATIONMARKET & TOUROFFERS & SELECTIONDUE DILIGENCECLOSING Pitch · Nov 5 Listing signed · Nov 13 Lease audit OM · photography · data room OM approved Dec 18 Data room Jan 6 Grocer estoppel sent Nov 16 Tour blocks · Tue & Thu 8:00–10:30 LAUNCH · Tue Jan 12 Calls, Wk 5 OFFERS DUE · Thu Feb 18, 5 p.m. BAFO 2/25 Buyer Mar 1 · PSA Mar 5 30-day diligence Tenant estoppels Mar 22 Deposit hard Apr 5 CLOSE · Wed May 5 LAUNCH TO CLOSE · 16 WEEKS AND 1 DAY PRE-LAUNCH · WEEKS −8 TO −1
Jan 12
Launch, Tuesday 8:00 a.m. Central
Feb 18
Offers due, 5:00 p.m. Central
Mar 1
Buyer selected; PSA by Mar 5
May 5
Closing, 30 days after diligence
“We launch on January 12 because the 1031 buyers with the least time are the ones who pay the most.”
Stones River Commons · The Marketing Plan · Sample calendar17
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Harpeth Commercial04 · The Marketing Plan · Week by week
Week by week · what happens, and who does it

Eleven stretches of work, each with a date you can hold us to.

Pre-launch · Weeks −8 to −1Nov 13, 2026 to Jan 8, 2027

Listing agreement Nov 13. Grocer estoppel and SNDA drafts sent Nov 16. Rent roll audit and lease abstracts Nov 16 to 25. Photography and drone on a weekday morning with the lot at peak (first clear Tuesday or Thursday after Nov 16). OM drafted and approved by owner by Dec 18. Data room complete Jan 6. Buyer list finalized and tiered Jan 8. Tier 1 courtesy calls: “a grocery-anchored center in Hermitage launches January 12.”

Week 1Jan 12 to 15

Launch Tuesday 8:00 a.m. Central. Teaser to Tier 1 by personal email from the managing director, then Tiers 2 and 3. Platforms go live Wednesday. Confidentiality agreements executed and data room opened same day. Family-office meetings in Nashville Thursday and Friday.

Week 2Jan 19 to 22

First tour block: Tuesday and Thursday, 8:00 to 10:30 a.m. Second round of Tier 1 and Tier 2 calls. Owner's first weekly report: confidentiality agreements signed, data-room activity by buyer, tour schedule, early pricing feedback.

Week 3Jan 26 to 29

Tours continue. Lease-up memo released to every buyer who has opened the rent roll. Pricing feedback reviewed with the owner; guidance held or tightened.

Week 4Feb 2 to 5

Final scheduled tour block. Call-for-offers notice sent: offers due Feb 18, with the offer form (price, deposit, due diligence days, closing days, financing contingency, 1031 status, references).

Week 5Feb 9 to 12

Managing director calls every buyer who has toured: confirms intent, answers the last underwriting questions, flags any buyer whose financing story does not hold. Make-up tours by request.

Week 6Feb 16 to 19

Offers due Thursday, Feb 18, 5:00 p.m. Central. Offer matrix to owner Friday morning: price, effective price after credits, deposit, hard-money timing, diligence and closing days, financing, buyer's closing history.

Week 7Feb 22 to 26

Best-and-final round invited from the top three to five offers, due Thursday, Feb 25.

Week 8Mar 1 to 5

Buyer selected Monday, Mar 1. Purchase and sale agreement executed by Friday, Mar 5.

Due diligenceMar 5 to Apr 5

30 days. Grocer estoppel already in hand. Tenant estoppels delivered by Mar 22. Weekly calls with buyer and owner's counsel. Deposit goes hard Apr 5.

ClosingWed, May 5, 2027

30 days after diligence expires. Prorations and the CAM reconciliation true-up prepared by our team before the closing statement draft.

Sample calendar · Broker Opinion of Value, not a certified valuation. 1031 timing is general market practice, not tax or legal advice.
Where we need you
Four decisions are yours. The rest is ours.
BY DEC 18

Approve the offering memorandum.

WEEK 3

Review pricing feedback; hold or tighten guidance.

FRI, FEB 19

Read the offer matrix, in your hands the morning after offers.

MON, MAR 1

Select the buyer. We recommend; you decide.

Stones River Commons · The Marketing Plan · Sample calendar18
Illustrative rendering of a shopping-center colonnade at 8 a.m.
ILLUSTRATIVE PLATE · SAMPLE
Tuesday, 8 a.m.: inline tenants opening, the grocer calm, the lot showing its commuter traffic. The hour every tour is booked. Rendering; not the subject property.
Sample
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Harpeth Commercial04 · Tours & closing path
Tour strategy

The managing director leads every tour. No tour is handed to a junior associate.

When

Tuesday and Thursday, 8:00 to 10:30 a.m. The grocer is calm, the lot shows its morning commuter traffic, and inline tenants are opening rather than serving customers.

The route

The Lebanon Pike entrance and pylon first; the anchor's loading dock and the 2019 roof; the drive-thru endcaps; the two vacant suites, with a floor plan and a leasing-interest sheet in hand; the rear service drive.

The tenants

Told in advance and never interviewed by buyers without us present. The grocer's store manager is not asked to host; its real estate department hears from us, not from a buyer's phone call.

Second visits

Offered on a Saturday at noon, so serious buyers see the center at its weekend peak.

Closing path

Price is negotiated once, at offers, and not again in March.

  1. 1Offer selection on certainty, not just price. Each offer scored on effective price, deposit size and timing, diligence days, financing, and the buyer's record of closing at the price they offered. We recommend; you decide.
  2. 2Purchase agreement within five business days of selection, drafted from a form we prepare with your counsel during pre-launch.
  3. 3Estoppels done early. Grocer estoppel pre-ordered in November; inline estoppels within 17 days of contract.
  4. 4No surprises in diligence. Roof, parking-lot and environmental reports are in the data room on day one.
  5. 5A weekly owner report from contract to close, with every open item named and dated.
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Harpeth Commercial05 · Why Harpeth
05 · Why Harpeth

The person who pitched you runs your deal.

The two firms across the table are good firms. They have national databases, research departments and brand names an owner has heard of. Here is what that does and does not buy you on a $12.3 million grocery-anchored center in Hermitage.

1

The person who pitches you runs your deal.

At a large shop, a center this size is one of dozens on a team's board. The senior name closes the meeting and an analyst runs the process. At Harpeth, the managing director in this room writes the OM thesis, makes the Tier 1 calls, leads every tour and negotiates the best-and-final. You get the senior person's judgment on every Tuesday in February, not just on this Thursday.

2

Your buyer list is built for your center.

A large firm's database is wide. Ours is narrow on purpose: about 60 named principals who bought a grocery-anchored center in the Southeast in the last 36 months, sorted by whether they need term, upside or a 1031 deadline. Wide lists produce tours. Narrow lists produce offers. Our sample record: 8.9 offers per listing across ten listings.

3

Your price is defended with your comps.

Our $12,300,000 rests on six grocery-anchored sales a buyer will put next to Stones River Commons, adjusted line by line, and on an income approach whose every expense and recovery we can show. The two methods agree within $6,267. When a buyer pushes on price, we push back with the same six comps. A desktop number cannot be defended that way, because nobody knows what it stands on.

4

We fix the hard parts before buyers find them.

The rollover on four inline suites, the original inline roof, the two vacant bays: a buyer will find all three in due diligence and try to re-trade on each. We put them in the OM with the answer beside them, so they are priced once, at offers. And we order the grocer's estoppel in November, because it is the document most likely to delay a spring closing.

5

We time the launch to the buyers who pay.

A January 12 launch with offers on February 18 meets exchange buyers inside their identification windows. A firm that launches when its own calendar allows misses them.

6

Specialists in this exact asset.

Six of our ten sample closings are grocery-anchored centers between 52,100 and 71,800 SF: $64.05 million of our $88.8 million. We know how regional grocers answer estoppels, how CAM caps change recoveries, and which buyers stretch for a drive-thru endcap.

$6,267
Between our two methods
~60
Tier 1 principals, called personally
8.9
Offers per listing, sample record
6 of 10
Closings that were grocery-anchored centers
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Harpeth CommercialWhat we commit to in writing
What we commit to in writing
  1. ✓The managing director leads the tours, the Tier 1 calls and the negotiation.
  2. ✓A weekly written report from launch to close, every Friday.
  3. ✓The full buyer list, by tier, shown to you before launch.
  4. ✓The grocer estoppel requested within one week of signing.
  5. ✓Offers due on a fixed date, February 18, 2027, with the offer matrix in your hands the next morning.
Sample disclaimer

Sample for demonstration only. All figures, the center, its tenants, the comparable sales, the track record and the dates in this book are illustrative samples. They are not a valuation of any actual property and describe no real transaction. The value shown is a Broker Opinion of Value prepared by a licensed real estate broker for listing and marketing purposes. It is not a certified valuation and should not be relied on for lending, tax, litigation or financial-reporting purposes.

The exchange timing described is general market practice, not tax or legal advice; buyers and the owner rely on their own advisors.

Bigger firms will show you more pages.
We showed you your center.
Harpeth
Commercial
Managing Director, Harpeth Commercial
Nashville, Tennessee
November 2026 · Sample
Stones River Commons · Broker Opinion of Value & Listing Proposal21