A few quick hits involving commercial real estate as we start the week:
* An out-of-state investor has paid $7.57 million for a Midtown office building home primarily to health care industry tenants.
According to a Davidson County Register of Deeds document, HEP Charlotte MOB LLC acquired the property, located at 1919 Charlotte Ave. (see here courtesy of Google Maps).
Nashville-based real estate investor Michael Shmerling was the seller via his 1919 Investments LP.
Henry Menge, managing director and principal broker of Nashville-based XMi Commercial Real Estate represented 1919 Investments.
* On a related note, surveying has taken place on the Midtown site home to Outpatient Diagnostic Center of Nashville.
Owned by OIA Realty Holdings, the building (see here) is located at 337 Leslie Ave.
It is uncertain as to the reason for the surveying, as OIA officials could not be reached for comment. However, surveying work typically is a sign that some type change (a demo, new construction, addition, etc.) looms for a building.
* A long-time friend, place-making enthusiast and “behind the scenes” Post contributor (a private gentleman who will go unnamed) recently visited Austin and noted how East Nashville’s Main Street has the potential to be somewhat similar to the booming Texas capital’s South Congress Avenue.
Shortly thereafter, this writer made his first trip to what is the nation’s fastest-growing city of 1 million or more people (based on metropolitan statistical area numbers). I agree with my friend.
Both Main and South Congress are wide streets that likely will never have the type buildings (say, of eight stories or more) that will yield strong street definition. Both are located across bodies of water from their respective downtowns. Both offer eclectic and non-chain retail. Lastly, both are more prominent than the other two streets with some retail in their respective cities (Woodland Street and Shelby Avenue in Nashville, and South First Street and Lamar Boulevard in Austin).
At this point, South Congress is substantially ahead of Main in terms of vibrancy and number of commercial buildings/businesses. However, Main is transitioning rapidly and shows strong promise.
* And on that Lone Star State theme, Austin-based Endeavor Real Estate Group last closed on the $13.4 million purchase of the former Mazda site within the 1200 block of Broadway (read more here).
The company has yet to announce what type project it is pondering but has noted the future building will have a retail component. Most folks seem to think the building will also offer apartments.
Interestingly, Endeavor was formed in 1999, making it one of the “younger” out-of-state development companies to tempt the Nashville market since this current construction boom began in, roughly, 2011.
* Lastly, I failed to report that the Metro Development and Housing Agency recently approved the concept plan for Southeast Venture’s East Nashville mixed-use building (pictured, and read more here) and bonus height for Hines and C.B. Ragland mixed-use building slated for SoBro (read more here).
The Vanderbilt University Board of Trust has approved $10 million to upgrade the Commodore baseball facility in a move to not only just keep up with the college Joneses but to persuade signees from going pro just out of high school.
The project will see Memorial Gym expanded to a point just beyond the left field wall of Hawkins Field, with batting cages relocated to an existing below-ground level of Memorial.
Relatedly, the ground level and top floor of Memorial will be renovated and expanded for "a state-of-the-art classroom," cardio room, expanded weight room, recruiting area and coaches' and staff offices. The weight room will be nearly double the size of the existing baseball weight room and will also be used by the university's basketball teams. There will also be a larger locker room to serve former Commodore players who return to train and mentor current players.
"We have placed the emphasis of this project where it should be — on the student-athletes," said David Williams, VU athletics director and vice chancellor for athletics and university affairs. "The new additions are designed to benefit them the most."
"First, we recruit elite high school baseball prospects who often are choosing between us and professional baseball," Williams added. "It is important that our facilities help them develop to their full potential. It is also imperative that we identify young men with strong academic interests because we all know our program develops more than just baseball skills.
Williams said VU wants "a welcoming and quality home" for former Commodores who are now professionals and return to the campus to train during the off season or to finish academic requirements.
More renderings and informaton are here.
One of Midtown’s more distinctive buildings is now for sale, thus continuing the hot real estate activity in the bustling district located west of downtown.
The property, listed for $2.5 million, is located at 1418 Church St. and recognized for its building’s unusual shape and color scheme. Spanning 9,729 square feet, the structure underwent an adaptive reuse update in the mid-2000s during the time when Nashville’s urban infill focus was developing some traction.
The building’s first floor serves as an events space; its second floor is home to three apartments. Kellie and Jerry Bryson own the property, having acquired it in June 2005 for $255,000.
Todd McGlamery of National Restaurant Properties has the listing.
The property is the most recent Midtown site to be listed for sale. Last week, the owners of the site home to Corner Pub Midtown listed their property (read more here).
There has been some confusion regarding the eventual height of SoBro, the luxury apartment building under construction at the southeast corner of the intersection of Demonbreun Street and Second Avenue.
An article in JLL’s The Investor noted SoBro could push nearly 400 feet. Relatedly, some local manmade environment enthusiasts (including this writer) have speculated the 33-story high-rise would stand at least 360 feet.
However, Giarratana Development officials told the Post on Wednesday that SoBro will top out at 341 feet. If standing today, the skyscraper would be Nashville’s 12th-tallest building, ranking behind the 354-foot-tall UBS Tower and ahead of the 300-foot-tall Sheraton Nashville Downtown.
WMG Realty Holding Co. is the project developer and comprises Wanxiang America Real Estate Group, Magellan Development and the aforementioned Giarratana Development.
Click here to read the JLL article, which offers an interesting look at banks providing loans for skyscraper construction.
(Image courtesy of WMG: This perspective shows SoBro as positioned at the corner of Third and Demonbreun. The little cream building seen here on the corner no longer stands and is being replaced by a six-story brick building to be home to The Diner)
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