Nashville-based Southeast Venture, via its SEV 8th and Division LLC, has paid $4.25 million for Gulch property located at the northeast corner of the Eighth Avenue and Division Street intersection.
The seller was AWC Partners.
The site is considered a crossroads, of sorts, as the intersection helps connect the Gulch and SoBro. (Read more about the area and its changes here.)
The Gulch site is recognized as the location of restaurant and wine bar Flyte, which served as a culinary trailblazer of sorts for the general area when it opened in 2006. It also includes adjacent businesses Studio Eight Design (an architecture firm) and Alfred Williams & Co., which sells high-end modernist office furniture. The site, which has two buildings, also offers 63 surface parking spaces.
Southeast Venture undertakes both development and architecture work, and most recently teamed with Hill Realty Co. on mixed-use building 12South Flats.
“We intend to maintain the property as an income-generating asset,” said Tarek El Gammal (pictured), a Southeast Venture broker who represented the buyer in the deal. “We have three quality tenants in the two buildings.”
Gammal did not say if Southeast Venture plans to redevelop the site at some point.