Gibson Guitar's Massman Drive property sells, but company not going anywhere

Arizona company pays $15M for site, will lease back buildings

Gibson Guitar Corp.'s nearly 30-acre facility on Massman Drive has sold for approximately $15 million to an Arizona investment company, but the instrument manufacturer isn't moving anywhere.

The deal, filed late Friday with the Davidson County Register of Deeds, transfers 30 acres in the 600 block of Massman Drive to Store Master Funding VI, a subsidiary of Arizona-based STORE Capital, a fund that focuses on buying single-tenant property and already has a presence in Nashville. The seller is MCPA-MASS, a local holding company for New York real estate firm W.P. Carey, which bought the facility from Gibson in 2001 and entered into a 20-year lease-back agreement with the guitar manufacturer. The site includes multiple buildings.

Gibson will have the same deal with its new landlord; a memorandum assuming the terms of the lease was filed by STORE nearly simultaneously with the sale paperwork.

In addition, the airport-area property home to the Gibson corporate offices is under contract, with local investor Gary McDaniel seeking to purchase it for an undisclosed sum. (Read more here.)