Modernist Building on City’s South Side Acquired by Local Entrepreneur
The commercial real estate landscape in the city has been shaken up with investor Mike Shmerling’s recent $6.2 million acquisition of an iconic modernist structure located in South Nashville. Previously owned by an LLC that bought the property in 1999, the building’s bold, modern design and unique exterior have made it a distinctive part of the city’s architectural repertoire.
A Landmark South Nashville Property
The property is a sprawling 3.91-acre area with an address of 1161 Murfreesboro Pike. It’s recognized for its five-story structure known as the Eleven61, built in 1974. The blend of stone and reflective gold glass covering its outer facade lends it a unique aesthetic, ensuring it stands out as an architectural treasure amongst various commercial establishments in the area.
Previously purchased by an LLC for approximately $2.67 million, records show the former owner being an LLC spearheaded by Livingston, N.J.-based Eastman Companies, who specialize in owning and managing suburban commercial buildings.
Detailed Inner Characteristics
On the inside, the Eleven61 provides approximately 84,586 square-feet of space. Although it currently shows approximately 75 percent occupancy, there is still significant potential for expansion and utilization of the available space with future leasing opportunities.
An Investment Opportunity
Shmerling, who formed CB Capital LLC – Series D alongside some family members and individuals for the acquisition, has disclosed that they have no particularly specific plans for the building or property yet. They consider it a property of value, and one that aligns seamlessly with the cities’ proposed transit plan.
Shmerling expressed optimism about the location’s long-term importance and the building’s potential to contribute significantly to the city’s growth. He sees a potential for a positive future driven by community integration and infrastructure development in the South Nashville area.
The People Behind the Deal
The acquisition was facilitated by a team comprised of Katie Wayne and Wolfgang Sauermann from Clearbrook Realty, representing the buyers’ interests. Conversely, the seller’s interests were represented by Patrick Inglis, a senior vice president with the local office of a respected real estate company. Their collective expertise ensured a smooth transition of ownership for this iconic structure.
The Impact on the City’s Skyline
The sale of this symbol of modern architecture is seen as a significant move in the local commercial real estate market. Not only does it represent a substantial financial transaction, but it also denotes the value of unique and modern constructions that contribute to the city’s overall landscape.
The new owners’ lack of specific plans for the future of the property is intriguing. It lends an element of suspense as residents and local businesses keenly watch what will become of this South Nashville landmark in the hands of Shmerling and his investor team.
In the realm of commercial real estate development, the transaction signifies how prominent local investors and entrepreneurs like Shmerling are taking an interest in shaping the city’s skyline and its future.
