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Hall Emery, the developer behind Fifth + Broadway, an office building on Music Row and more, paid a combined $20 million for two trendy Germantown properties. One is the Hammermiller Building, which is home to The Optimist restaurant, a high-end local favorite, and the other, which falls across the street, is the building home to Oku Sushi and Shed Fitness. No development plans are on the horizon, according to a statement. The purchase was a joint venture with part of the seller group, Vantage Realty’s Chris Carter and Gene Rice, who are responsible for recruiting the existing tenants. “We want to be in Germantown because it is the epicenter of over a billion dollars in private and public investment,” said Allie Hall, vice president at Hall Emery.

Metro and Bell Construction, with the help of Nashville-based architect Moody Nolan, are planning a May construction start for 90 units of “permanent supportive housing” at 600 Second Ave. N. The project, to be financed through Metro’s affordable housing budget, will help accommodate homeless individuals in need of shelter. The Metro Development and Housing Agency will manage the five-story property and operate an office from the site. The project was conceptualized back in 2019 but hit roadblocks due to a capital spending freeze and design overhaul requested by the mayor, according to Jennifer Westerholm at Metro’s Department of General Services and to Andrea Fanta, Mayor John Cooper’s press secretary.

An undisclosed New York buyer spent $158.72 million on the 2010 West End apartment tower, according to newly filed deeds. The price is equal to $443,351 per unit, a near-record, and around $681 per square foot, one of the most notable prices of the last five years. Russ Oldham and Brett Kingman of Walker & Dunlop (formerly of CBRE) brokered the deal.

M Cubed Development, chaired by Century Farms co-developer Mark McDonald, spent $5.5 million on 900 Division St., which holds a two-story office building, according to newly filed deeds. The site last sold in 2017 for $1.1 million. No construction permits related to the property have been filed.

Boston-based Longpoint Realty Partners spent $36 million on the airport-area Park ‘N Fly warehouse building, according to Metro records. The business closed its doors on Dec. 15, according to a report from a local NBC affiliate.

  • An LLC affiliated with New York real estate investment giant Blackstone spent $48 million on the Olympus Midtown apartments, according to newly filed deeds. The property, located at 1700 State St., has 170 units, equaling a purchase price of $282,352 per unit. Bristol Development Group developed the property in 2010.
  • Cincinnati developer Al. Neyer is eyeing a 14-story, 287-unit apartment building at the intersection of 18th Avenue and Patterson Street, according to a report from Nashville Post. The firm plans to buy its project site this summer. Nearby, at 17th Avenue and Patterson Street, Tim Morris and a group of local investors are planning another mid-rise apartment tower.
  • The retail space in Boyle Investment Co.’s 60-acre mixed-use development, Meridian Cool Springs, has three new additions. The property is now fully leased, according to a news release. Juice bar Clean Juice, luxury spa facility Woodhouse Spa and Thai restaurant The Eastern Peak are joining various other businesses at the development, including the recently opened New Moon Yoga and fitness studio Hotworx. Existing retailers include Cajun Steamer, Tupelo Honey Café, Peace Eyecare, Noodles & Co., Edward Jones and more.
  • Nashville’s apartment market is still going strong, according to a new report from ApartmentData.com. Occupancy rates are hovering around 93% (down slightly from last month), and the past year has brought a 24.1% rental rate growth. Nearly 9,000 new units are currently under construction, with nearly 28,000 units proposed. The market continues to be a top choice for real estate investors looking to make a profit, especially as Nashville’s flood of new residents keeps coming.

Publication: Nashville Business Journal

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