Nashville-based commercial real estate investment and development firm Elmington Capital Group has paid $7 million for downtown’s L&C parking garage.
The seller was L&C Garage LLC.
The garage (see here courtesy of Google Maps), which is located near the northeast corner of the intersection of Fifth and Commerce Street, offers 305 parking spaces and is within the same block as the L&C Tower, which is currently undergoing $4.5 million renovation. The address is 144 Fifth Ave. N., with the property spanning .24 acres.
Recently announced L&C tenants include Warby Parker, FoxFuel, and IQTalent Partners.
“We are excited about such a well located acquisition in the heart of Nashville,” Ryan Seibels (pictured), SVP for Elmington Capital, said in a release.
The acquisition follows EC’s 2014 purchase of 100,000 square feet of office space on the top floors of the downtown tower home to Renaissance Hotel. The space has been rebranded as CitySpace.
“With the CitySpace acquisition we have watched the demand for parking increase dramatically as downtown Nashville continues to draw more and more investment capital and new tenants to the area,” Seibels said. “We are excited to be investing significant capital to further enhance the marketability and functionality of the property. We are confident the location will continue to be in high demand for years to come.”
Douglass Johnson and Steve Preston, brokers with the CBRE Nashville office, facilitated the transaction.
Debt financing was provided through Farm Bureau Life Insurance Company of Des Moines, Iowa. The debt was sourced through Stephen Brink at First Southern Mortgage in Brentwood.
Nashville-based Premier Parking will manage the property.
Last week, Nashville-based Elmington Capital Group filed plans with the Metro Planning Department that, if approved, could allow for the eventual construction of a grocery store building, a parking garage, a hotel, a residential building and retail space at the Nashville-based company’s Demonbreun Street site in Midtown.
Below is a look at how the buildings within the possible mixed-use development could be arranged. The plan shows the potential for more than 1 million square feet of space on a 3.4-acre site. The tallest building on the site would be 22 stories.
If the project materializes as shown in the image, the eastern-most segment of the existing retail strip center would be demolished, as would a two-story stone building that once served as a residence (see here courtesy of Google Maps).
Dallas-based Humphreys & Partners Architects and Kimley Horn and Associates Inc. have been enlisted for design work and land planning efforts, respectively. The former participated in The Melrose.
(In this image, courtesy of ECG, the Music Row Roundabout is partially seen in the lower left corner.)
Elmington Capital Group has created via a charter ECG Nashville Garage LLC for the acquisition of a downtown parking garage that accommodates the L&C Tower, according to state documents.
The Nashville-based company remains in its due diligence period, with the closing on the acquisition of the property expected within a few months, according to a source with information regarding the effort and who asked to go unnamed.
The Tennessean first reported in January ECG is trying to acquire the garage.
Elmington officials could not be reached for comment.
See the facility, called the L&C Garage and with its main entrance on Fifth Avenue North between Church and Commerce streets, here in an image courtesy of Google Maps.
Nashville-based Elmington Capital Group has bought a Birmingham, Ala.-area apartment complex for $6.1 million.
Emerald Pointe is a 192-unit apartment complex located in Hoover.
The seller was R. Ridge LP, with the purchase price the equivalent of about $31,000 per unit.
“We’re excited to have the opportunity to provide Birmingham and Hoover with a strong workforce housing solution,” said Ben Brewer (pictured), ECG senior vice president.
Elmington Property Management Co. will now manage Emerald Pointe, which was built in 1974 and rehabbed fully in 2001. The apartment community provides workforce housing with income requirements of its renters.
Overseen by Dan Ford, Elmington Property Management Co. manages about 7,500 units in multiple buildings in nine states and employs 178.
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