Ohio developers in 21-acre Hendersonville deal

Firm with Dollar General experience has clearance for 100,000 square feet of retail

Email | Print By Geert De Lombaerde

An aerial photo of Indian Lake and North Anderson Lane with Harpoon's property in the top left quadrant

A Canton, Ohio-based development group has snapped up a large tract of land on the west side of booming Indian Lake Boulevard in Hendersonville.

An entity formed by Giltz & Associates has paid Indian Lake Investors $8.1 million for almost 21 acres across from the intersection of Indian Lake and North Anderson Lane. The site, which borders a CSX rail line to the north, is approved for 100,000 square feet of retail space that will be called Indian Lake Marketplace.

Giltz was founded in 1991 and has in the past done construction work for Goodlettsville-based Dollar General. Company executives could not be reached for comment on Monday.

NAI Nashville brokers handled both sides of the deal. Zac Cypress and Charlotte Ford represented Harpoon, while Terry Smith and Jason Powell were at the table for Indian Lake Investors, which was organized by a group of investors from Columbus, Ohio.

NAI also is marketing the site, which already features Cracker Barrel and Verizon stores. Cypress said Harpoon is keeping its options open about potential anchors for its development.

“Nothing is set in stone,” he said. “Obviously, they would like some larger anchors and sub-anchors, but they can shift to follow the market.”

That market is filling out quickly, drawn by the growth and increasing affluence of Hendersonville’s residential base. Immediately across the street from Giltz’s site are nine eateries and a First Tennessee Bank branch in front of anchors Wal-Mart and Home Depot. In addition, Holrob Investments is building a 15,000-square-foot strip center in the vicinity.

Cypress said the Indian Lake corridor – anchored by Halo Properties’ massive, Cool Springs-esque Indian Lake Village – is “the hottest area north of Nashville” and is still drawing plenty of attention from all kinds of retailers. In all, the area is zoned for 1,000 homes, 2.5 million square feet of offices and 1.5 million square feet of retail.