Nashville Sets New Record with $16.25 Million Land Sale

News Summary

Nashville’s real estate market has achieved a remarkable milestone with the sale of a modest parking lot for $16.25 million, setting a new record at 201 Broadway. The 0.05-acre site sold for an astonishing $7,461 per square foot, reflecting growing demand in the area. The new owner plans to develop a Honky Tonk while Old Town Trolley Tours will maintain a presence with a satellite ticket booth. This transaction emphasizes the city’s vibrant real estate activity, sparked by significant developments such as the $715 million acquisition of Fifth + Broadway.

Nashville Hits New Heights in Real Estate with Record Land Sale

The vibrant city of Nashville has once again made waves in the real estate market, as a modest parking lot has become the site of a remarkable $16.25 million sale. Located at 201 Broadway in the heart of Lower Broadway, this 0.05-acre piece of land has sold for an astonishing average of $7,461 per square foot, setting a new record for the area.

The Big Picture Behind the Sale

Interestingly, this sale comes hot on the heels of a nearby 0.06-acre site purchased by the same buyer in September 2022 for $15.25 million. With both parcels now in hand, the new owner plans to build an exciting new Honky Tonk on the combined 0.11-acre site. Talk about making a mark on the Music City!

The former owner of this prime parking lot, Old Town Trolley Tours of Washington, Inc., isn’t completely stepping away from the scene either. They are set to establish a satellite ticket booth in the upcoming building, ensuring that the spirit of tourism continues in the area.

A Big Name in Nashville Real Estate

This impressive transaction was facilitated by the expert knowledge of Lance Bloom, a notable figure in Nashville’s real estate scene. As the principal and vice chairman of Colliers International | Nashville, he represented the seller in this transaction. With a track record of brokering over $750 million in deals, Bloom specializes in urban land sales and has cemented his position as a Heavy Hitter and Power Leader in the field. Awards speak for his prowess, having won the Everest award in 2020 and 2021, while also being recognized as the #1 land broker at Colliers for two consecutive years.

What’s Happening in the Broader Market?

But this sale is just part of a larger trend unfolding in Nashville. Recently, Northwood Investors LLC made a splash by acquiring the expansive Fifth + Broadway complex from Brookfield Properties for a jaw-dropping $715 million. This bustling hub encompasses retail, entertainment, office, and residential spaces, boasting the title of the largest development in downtown Nashville.

The Fifth + Broadway location attracts nearly 5 million visitors annually, featuring a whopping 250,000 square feet of retail space, alongside 367,000 square feet of office space and 381 residential units. With over 2,000 parking spaces, it’s easy to see why this development is a cornerstone of Nashville’s growth.

Future Plans and Opportunities

With the recent acquisition, Northwood Investors plans to enhance marketing and introduce lively programming to further boost Fifth + Broadway’s appeal. Financing for this massive purchase included a generous $426.9 million loan from Pacific Life, showing confidence in the area’s potential for growth.

Interestingly, not every property in the vicinity is set in stone. A separate property located at 810 Broadway is currently on the market for about $40 million. The current ownership group acquired this building for $16.5 million in October 2021, and its 86,000 square feet structure presents an enticing opportunity for repurposing into entertainment or hospitality uses.

Exciting Developments on the Horizon

In addition to these significant transactions, Milkshake Concepts is gearing up to open a Mexican restaurant named Vidorra at 800 Broadway, which was bought for $6 million in December 2021. The city is buzzing with excitement as it evolves into an even more lively spot for food and entertainment.

To sum it up, Nashville is firing on all cylinders with its real estate market showing no signs of slowing down. With remarkable new developments and record-breaking sales, it is safe to say that Music City is hitting all the right notes!