The Texas investment group that this summer signed a letter of intent to buy the plum United Methodist Publishing House site across from the Music City Center has let that agreement expire. A Terra Verde Group official tells Getahn Ward the project would have to deal with interest-rate risk that was too high.
The Bank of Nashville will in the spring of 2015 leave its longtime home in the L&C Tower for the Gulch Crossing building now under construction, where it will take up almost 19,000 square feet for its regional headquarters and a retail branch. CEO Bill Nigh tells Getahn Ward the bank also will put its name atop Gulch Crossing when it moves its staff of 60 there.
UPDATE: Here's the bank's release on the move, which mentions that 45 percent of Gulch Crossing's space has now been pre-leased.
Officials with Metro Public Works have kicked off a multimodal mobility study focused on downtown parking, traffic and street designs among other topics. The work is expected to take until next spring and includes an Oct. 10 open house at the Music City Center. An online survey is part of the study; check it out here.
Real estate trade publication Commercial Real Estate Direct on Monday afternoon reported that Hawaii-based Shidler Group is close to a deal to pay $103 million for downtown's Nashville City Center. Seller Parmenter Realty Partners bought the 27-story building in mid-2008 for almost $90 million but has since begun adding an underground parking garage to the site. CBRE brokers handled the sale for Miami-based Parmenter, which specializes in rehabilitating underperforming properties.
Of note: Shidler is stretching the acquisition criteria for this deal. On its website, the firm says its Alliance Partners HSP venture wants to put at least $125 million into projects that aren't in major East Coast markets. Makes you wonder if the firm plans to invest in a tower the new parking garage is designed to hold...
Regional developer Highwoods Properties has put a bow on its $153 million purchase of the Pinnacle at Symphony Place. President and CEO Ed Fritsch says the building will generate almost $11 million in operating income in 2014 and that his team expects to lease another 40,000 square feet or so in the next two years. Also noteworthy: The company's brochure claims that rents at the Pinnacle are between 5 percent and 7 percent below the market for top-notch space.
Separately, the NBJ's Nevin Batiwalla reports that Nashville-based Rubicon Equities has bought the downtown tower formerly known as Regions Center for $14.5 million — $1 million than the building fetched in a failed auction last year. There's no word yet on what happens to the building now, but reports that UBS will put 1,000 of its employees there would make Rubicon's investment seem a lot better in a short time.
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