Marcus & Millichap: Net asset leased on Lower Broadway in Nashville Tennessee sold for $ 36 million

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NASHVILLE, Tennessee, June 2, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today The sale of 111 Broadway, a 50,303-square-foot rental property in Nashville, Tennessee. The property sold for $ 36 million, which works out to $ 715.66 per square foot.

“The trophy nature of the asset has attracted many buyers from across the spectrum of investment property,” said Glen Kunofsky of Marcus & Millichap. “We had a very competitive process and ultimately secured the sale of one of Nashville’s most significant buildings.” Kunofsky and Christopher Urban represented the seller. Kunofsky and Anthony D’Ambrosia provided the buyer. “111 Broadway is located in historic Lower Broadway, on the main thoroughfare of downtown Nashville, in one of the busiest tourist destinations and most visited retail corridors in the country,” said Urban

The property is within walking distance of 5,000 hotel rooms built over the past five years and there are 1,100 more planned for the Nashville Yards project: the largest development in Nashville history. The Nashville Convention Center, Bridgestone Arena, Music City Center, Nissan Stadium, Ryman Auditorium and Country Music Hall of Fame are nearby. Vanderbilt University, Tennessee State University, Nashville State Community College and Belmont University, which together have 44,000 students, are within a seven mile radius.

“The acquisition provides the buyer with a net leased asset with enormous upside potential,” added D’Ambrosia. Tenants for the property are Rock Bottom Restaurant & Brewery on the first floor and on the roof, Margaritaville Vacation Club by Wyndham and Glen Campbell Museum are on the second floor, and Platinum Companies is on the third floor. Jody McKibben, vice president and regional manager of the Nashville office of Marcus & Millichap is the broker for Marcus & Millichap in Tennessee.

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About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and finance professionals across the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, finance, research and services. of advice. Founded in 1971, the company closed 8,954 deals in 2020 worth approximately $ 43 billion. Marcus & Millichap has developed a powerful property marketing system that combines investment specialization, local market expertise, the industry’s most comprehensive research, cutting-edge technology and relationships with the largest pool of investors. qualified. For more information, please visit: www.MarcusMillichap.com.

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About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and finance professionals across the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, finance, research and services. of advice. Founded in 1971, the company closed 8,954 deals in 2020 worth approximately $ 43 billion. Marcus & Millichap has developed a powerful property marketing system that combines investment specialization, local market expertise, the industry’s most comprehensive research, cutting-edge technology and relationships with the largest pool of investors. qualified. For more information, please visit: www.MarcusMillichap.com.

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Marcus & Millichap inc. published this content on June 02, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 03 Jun 2021 07:48:01 UTC.



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