An investor group led by C.B. Ragland Co. officials Brandon Kuvara and Michael Hayes has acquired a Second Avenue building in The District for $3.3 million, Nashville Business Journal reports.
The acquisition of the three-story vintage masonry building (see here courtesy of Google Maps), located at 135 Second Ave. N., is the equivalent of almost $300 per square foot.
Two unidentified investors teamed with Kuvara and Hayes, according to NBJ.
The seller was Phil Martin.
Read more here.
A group of Nashville-based real estate investors has acquired a Midtown site for $4.5 million, according to The Tennessean.
Corner Partnership (Mark Bloom, Larry Papel and Ronnie Scott), Michael Hayes (president of C.B. Ragland Co.) and Rod Essig (co-head of Creative Artists Agency’s Nashville office) created State Street Partners LLC to purchase the eight-parcel site from the Stansell family’s The 4-J LP, according to the morning daily.
The site (see here in an image courtesy of Google Maps) has addresses of 301, 303, 305, 307 and 309 McMillin St.; 1600, 1604, 1608 and 1610 State St., and 1601 Patterson St. Bloom told the Post in an earlier interview that the site is appealing given its general Midtown location and its specific proximity to the prime West End Summit site Alex S. Palmer & Co. hopes to develop.
Hayes and Lance Bloom, a broker with the Nashville office of CBRE, represented The 4-J LP, according to The Tennessean.
Of note, the immediate area in which the property sits has seen minimal new construction since Nashville’s urban infill movement started in the late 1990s. The most noteworthy construction within the approximately 12-square-block land mass (which is bordered by the inner interstate loop on the east, Charlotte Avenue on the north, 18th Avenue on the west and Church Street on the south) since that time likely has involved the buildings home to Bell Midtown apartments and Midtown Wine and Spirits.
See the general area here in an image courtesy of Google Maps.
The owners of a prime East Nashville parcel they only recently purchased have decided to place the property on the market — though they are open to developing the site, too.
Located within the 500 block of Main Street and next to mixed-use building Fifth & Main, the site has sat empty for years. In August, Corner Partnership LLC (comprising Mark Bloom, Larry Papel and Ronnie Scott) and minority partner C.B. Ragland Co. and Rod Essig bought the land for $1.2 million. At the time, some locals were hopeful the buyers would develop the site themselves.
“In buying, we contemplated a long-term hold,” said Michael Hayes, Ragland president. “We are flexible on the site and are considering a couple of options. We would sell, partner, self develop or JV (joint venture). It is an investment where we expect to receive a certain return, and any of the options get us there.”
The 3.3-acre site (seen below on the right in an image courtesy of Google Maps) is located at 537 Main St. and was most recently owned by Atlanta-based DPL Ventures.
After originally thinking — and happily so — he had secured a major tenant for the retrofitted C.B. Ragland Building, Michael Hayes (the face of C.B. Ragland Co.) must have felt less than happy when a deal with Canada's IQT crashed in July, garnering anything-but-positive headlines.
But now the ever-optimistic and always classy Hayes is smiling once more, as a development group for Chicago-based Hyatt Hotels is preparing to build a 13-story, 255-room hotel on Third Avenue South between Molloy Street on the north and Korean Veterans Boulevard on the south. The site is one block west of the C.B. Ragland Building and the hotel should prove helpful in shining a positive spotlight on the specific node of SoBro — thus making Mr. Hayes' efforts to find a tenant for the sleek CBR Building a bit more manageable.
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