Midtown office tower Palmer Plaza is set for interior updates.
According to a Metro Codes Department permit, Nashville-based DWC Construction Co. will handle the work, with the permit valued at $1.16 million. The focus will be on the building’s lobby and commons areas of floors one, two and three.
Chicago-based real estate investment firm CA Ventures created AGRE VPCV Palmer Plaza Owner LLC for the $50 million acquisition of the building last March (read more here).
Located at 1801 West End Ave., the 18-story Palmer Plaza rises 269 feet and is the tallest building in Midtown. It opened in the late 1980s and offers 243,000 square feet.
The latest in what has become a noteworthy number of SoBro properties has hit the market.
With an address of 600 Fourth Ave. S., the two-parcel property spans a collective 0.93 acres and is home to two buildings most recently used by Nashville-based engineering and architecture firm Barge Waggoner Sumner & Cannon.
Colliers International | Nashville’s Bert Mathews (partner) and Shane Douglas (vice president) are handling the marketing of the site. No asking price is listed in materials Colliers is providing. BWSC owns one parcel with a Brentwood couple owning the other.
The property sits within the Lafayette South subdistrict and can accommodate a hotel, multi-unit residential, office, retail and/or mixed-use development. Under the Metro downtown code, a new a building on the site could rise up to eight stories (up to 11 stories with Metro’s bonus height program).
BWSC operates its local office from the 211 Commerce building.
Relatedly, Colliers information shows 11 SoBro sites that are “nearing completion” for the start of development and 13 sites for “proposed development.”
Many SoBro sites are being considered for market placement. For example, McClain Towery, Towery Development president, owns a 1.16-acre site within the 500 block of Fifth Avenue South and on which sit two nondescript buildings sit.
Towery has enlisted Lance Bloom, senior associate with the Nashville office of CBRE, to assemble a marketing package, the next step toward possibly selling the five parcels (The Lyden group had eyed four of the parcels before opting to not move forward). (Read more here.)
Likewise, the a SoBro property encompassing a full city block and fronting the footprint of the eventual Division Street Extension is listed for sale. With an address of 825 Sixth Ave. S., the property spans 3.9 acres and is home to a massive warehouse that is leased to Vanderbilt University Medical Center. (Read more here.)
(Image courtesy of Colliers)
Local real estate investor Frank C. May has paid $6 million for a two SoBro properties spanning a collective 0.65 acres and located adjacent to a site he already owned, according to local media reports.
May now controls 1.16 acres that various front Hermitage Avenue, Korean Veterans Boulevard and Second Avenue.
The site made headline earlier this year when Nashville Business Journal reported Nashville-based real estate broker Rob Lowe and hotel developer Bob Swerdling of Denver were eyeing it for a building to offer a full-service hotel and residential units. At the time, NBJ cited multiple real estate sources that said Hard Rock Hotel officials were evaluating downtown and were particularly interest in the site.
The property is zoned for a building of up to 30 stories.
CREA reps tenant in renewal of office lease
Brentwood-based Corporate Real Estate Advisors has announced it has represented environmental testing company Test America in its renewal of 46,000 square feet of space in the office building located at 2968 Foster Creighton Drive in South Nashville. Tim Stowell (pictured) owns CREA.
12South-area property sells for $1.8M
Neighborhood Health has sold for $1.8 million its recently closed Edgehill clinic property north of 12South to Nashville-based real estate investor Treg Warner.
The Tennessean reports the half-acre property, which has an address of 1501 12th Ave. S., is located next to the 4 M&M Discount Beer & Tobacco Center site. Warner bought that property, which sits on the northwest corner of the intersection of 12th and Wedgewood avenues, in April for $2.1 million.
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