VIEW GALLERY Development
Also: Lower Broad building sells for $32M
New images have been released for future Tennessee State Library and Archives building, construction for which is underway in North Capitol.
The project is expected to carry a price tag of about $123.8 million.
Nashville-based Tuck-Hinton Architects and TMPartners of Brentwood are teaming on the design. The general contractor is the Nashville office of Turner. A fall 2019 completion is eyed.
The building (see a previously released iteration here) will be bordered by Sixth Avenue on the west, Jefferson Street on the north and Fifth Avenue on the east. To the west of the site and across the Bicentennial Mall, the building to house the Tennessee State Museum is under construction.
The Tennessee Department of State is overseeing the project, the genesis of which dates to 2005. The existing Tennessee State Library and Archives building is located on Capitol Hill.
Lower Broad building sells for $32M
Columbus, Ohio-based TC Restaurant Group has paid $32 million for the Lower Broadway building home to Tequila Cowboy and Sun Diner, among others, Nashville Business Journal reports.
Seller The Ardent Cos. paid $22.1 million for the 51,000-square-foot building 21 months ago, according to NBJ. Nashville-based CapStar Bank provided the $32 million loan to an entity affiliated with TC Restaurant Group.
In addition to Tequila Cowboy and Sun Diner, TC Restaurant Group operates WannaB’s Karaoke Bar and Luigi’s City Pizza at the building. TC Restaurant Group had leased the space from Atlanta-based Ardent, NBJ reports.
The sales price is the equivalent of about $616 per square foot.
Westhaven Town Center sells for $9.2M
Miami-based real estate investment company TriOut Advisory LLC has acquired the Westhaven Town Center in Franklin for $9.2 million. The center comprises three buildings spanning a collective 33,056 square feet and is located at 1015-1025 Westhaven Blvd. Tenants include Vanderbilt University Medical Clinic, Synergy Bank and Star Physical Therapy.
The neighborhood at Westhaven includes a golf course, hiking trails and a salt-water pool, in addition to retail offerings such as Nashville-based juice bar The Urban Juicer and coffee shop The Perch.
Construction at Westhaven began in 2001, with Southern Land Co. serving as developer. Mike Outlaw, TriOut’s managing director of investor relations, said the company is “confident that Westhaven is a great community that will continue developing into an even more dynamic area.”
The purchase follows the investment company’s fall 2017 acquisition of South Plaza, a 168,000-square-foot Brentwood shopping center anchored by Big Lots, Dollar Tree and Office Max.
Phil Ehrlich, executive vice president and partner at Colliers International’s Nashville office, will lead property management for Westhaven Town Center. Dickie Vaughn, also of Colliers Nashville, will serve as leasing agent.
Boyle celebrates 85th anniversary
Boyle Investment Company — which bills itself as one of Memphis’ oldest real estate development, sales, leasing and management firms — is marking its 85th anniversary this year.
Of note, Phil Fawcett and Jeff Haynes started Boyle Nashville LLC in 2001. That office is based in Cool Springs. It has grown from two employees to 30 employees, according to a release. In Nashville, Boyle is perhaps best known for its work at Capitol View, which will offer 1.1 million square feet of Class A office space, 130,000 square feet of retail/restaurant space, 378 apartments, a Hampton Inn & Suites, a 2.5-acre urban park and a jogging/biking trail connected to Nashville’s greenway system. Boyle is undertaking the development with Northwestern Mutual.
Capitol View already is home to HCA and LifeWay Christian Resources. HealthStream has committed to taking a large block of space in another office building.
NAI Nashville offers take on office market
Nashville’s office market continues to offer a dynamic symbiotic relationship between its urban and suburban markets. John Rogers and Devin McClendon, advisor and president, respectively of NAI Nashville, offer an interesting take here.
The article originally appeared in the February issue of Southeast Real Estate Business.