XMi Commercial Real Estate announced today that Ascend Federal Credit Union has closed on the purchase of Midtown property on which it will construct its third Nashville retail branch location.

The 1.62-acre site is located at 1904 Cartwright St., one block south of Charlotte Avenue. (The parcel is seen in this photo courtesy of Google Maps, with Charlotte on the image top, 19th Avenue on the right and Cartwright on the bottom.) Stan Snipes and Henry Menge of XMi represented Michael D. Schmerling Partners GP in the sale of the property, while Chuck Collins with Colliers International represented Ascend. The price is, as yet, undisclosed.

"Purchasing such a notable property is a significant sign of Ascend Federal Credit Union’s long-term commitment to Midtown Nashville,” Snipes said in a release. “Ascend’s expansion into the Midtown corridor is a true statement to the resurgence of the area and the strong attraction to corporate users.”   

Founded in 1951 at Arnold Air Force Base, Ascend serves more than 140,000 members from 15 full-service financial centers across Middle Tennessee. Its two Nashville-area branches are located on Centennial Boulevard and Emery Drive on the city’s west and east sides, respectively.

“We are constantly searching for venues that provide more convenient access for our members, and we are very excited about the potential of this property,” Ascend President and CEO Caren Gabriel said.  “Increasing our profile in the Nashville market with this property enables us to let individuals and businesses know they have a low-cost financial alternative that’s convenient to them.”

Ascend Federal Credit Union has more than $1.6 billion in assets.