Opportunity, Investment, Development

News Room

Lower Broadway parking lot sells for $9.4M

By William Williams – Nashville Post
November 2, 2020

A Lower Broadway parking lot sitting next to the building home to Merchants has sold for $9.4 million in a deal that is believed to have set a per-foot record for a downtown real estate land transaction.

The transaction involving 405 Broadway is the equivalent of about $1,350 a foot. Previous highs for the sale of downtown commercial buildings and parking lots rarely have eclipsed $1,000 per foot.

Located in what is called The District, the 0.16-acre parcel is L-shaped, allowing for a potential development that could have a building fronting Broadway and another facing Fourth Avenue South. Its new owner is an entity affiliated with Nashville-based Big Plan Holdings, which invests in real estate, the music/entertainment sector, branding and licensing concerns, and cannabis. Josh Joseph, Big Plan Holdings' founder and CEO, said his team is formulating a plan to develop the site with one building of about 30,000 square feet.

"We're looking forward to working with city officials," Joseph said, adding that his company has undertaken developments in multiple states. In addition, Big Plan Holdings has transacted in about 40 states. A company in which Big Plan Holdings owns a majority share is based in Chicago.

Brokering the transaction were J.P. Hagan and Sean Carpenter of Affirmed Capital Group. Westley James of Wilson Bank & Trust provided the financing for the acquisition.

The seller was an LLC affiliated with Woodland, California-based Tower Investments. That entity acquired both 405 Broadway and 401 Broadway (home to Merchant’s) in December 2009 in a quitclaim deed deal for which Metro records show no dollar amount. Last December, Tower sold the Merchants site for about $12.65 million to an LLC affiliated with Lawrence, New York-based Morris Weintraub Associates.

Chad Grout, principal broker with Brentwood-based Urban Grout Commercial Real Estate, brokered the deal for Tower Investments.

“The pandemic has only accelerated Nashville’s profile as a target for investors seeking long-term stability," Grout said. "At the local level, this sale reflects the relative magnitude of interest in places where people congregate. We see this type of demand for investing in dynamic, walkable districts all over Nashville."

Of note, Tower has listed for sale for $37 million the Lower Broadway building home to Rock Bottom Restaurant and Brewery and the Glen Campbell Museum. The asking price for the property is the equivalent of $736 per foot based on the four-story building’s 50,300 square feet.

Return to News List

Back To Top
Any property information listed is subject to change without notice.©2008 Tower Investments LLC All Rights Reserved.