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.
The co-developer entity looking to undertake an apartment building on Fifth Avenue South in SoBro has landed two permits related to the project, no more than 10 days after having .
According to Metro documents, Atlanta-based Cocke Finkelstein Inc. and Charlotte-based Llewellyn Development have secured permits related to tree removal and building demolition at the site.
The partners are planning the 330-unit Olmsted SoBro and created Olmsted SoBro Venture Partners LLC for the undertaking, have recently completed the $6.6 million purchase of some remaining parcels within the overall footprint.
Nashville-base Demo Plus is handling the tree removal and razing, while Cambridge Swinerton Builders of Atlanta will handle the general contractor duties.
Read more here.
A Michigan investment group is targeting a prime block in SoBro for a large mixed-use project that would take the place of the Market Street Apartments. Adam Sichko at the Nashville Business Journal reports the development would comprise a hotel, condominiums and apartments and have a value that could reach $300 million.
Pohlman and his business partner, Jay Barnes, lead the firm Northern Capital Investments, based in Grand Rapids, Mich. Pohlman said the firm has developed 2.5 million square feet of commercial real estate space during its 18-year history, mostly in the Midwest.
For this project, Pohlman's firm is partnering with Chicago developer Dan McLean, of MCL Cos. The same tandem also is developing an apartment complex in Naples, Fla.
On the heels of the Encore retail spaces having sold earlier this week for $11.5 million (read here), the owners of Daily Juice Cafe have landed a permit to build out their 850-square-foot space in the SoBro-based tower.
MTLC Building Group will handle the job, with the permit valued at $140,000.
Based in Austin, Daily Juice Café is a franchisor that bills itself as the only concept in its segment that offers “100 percent real foods, vegan and gluten-free” via its organic juices and smoothies.
Daily Juice, which will occupy the space located to the left of the Encore garage entrance (read more here), is the second Middle Tennessee location for business partners Robbie Nowinski and Josh Akright, who also own the Daily Juice at Seven Springs in Brentwood.
The owner of Cummins Station says no specific timeline is in place for major expansion of the iconic office and retail building despite a permit having recently been issued to allow for such.
Zach Liff, DZL Management president, told the Post much work needs to be done before any floors can be added to the top of the 400,000-square foot structure.
The permit will allow the team to add up to six shear walls that will provide for the eventual vertical expansion of the SoBro-based building, Liff said, adding that DZL Development Director Tom Miller will oversee the project. The architecture team comprises Chicago-based Perkins + Will and Gobbell Hayes Partners of Nashville.
Messer Construction will serve as the general contractor.
Liff said there will be no more than two additional floors.
“One of the goals we have for the project is that in 100 years, people will look at the building and say, ‘It made sense that they did that addition,’” Liff said, adding the team hopes to have an image to show prospective tenants by March.
Liff said that, based on good practice for such work on historic buildings, the eventual addition will be set back from the roofline of the existing building.
Relatedly, DZL is finalizing an approximately $1 million update to the historic masonry building’s south façade, a project that will yield balconies on floors 3-5.
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