Due to a partnership dissolution, the new year brings glad tidings for those who wish to invest in Nashville’s commercial real estate market.
On the block will be a 90,767-square-foot Murfreesboro Pike hotel flying the Best Western flag and a rare assemblage of eight adjoining commercial lots in midtown Nashville comprised of 1.27 acres. Located between Church and Hynes streets, the property overlooks the downtown Interstate 65 interstate loop, where an average of 77,000 vehicles pass daily, according to 2018 records.
Slated for Jan. 27 at 1 p.m., the no-reserve, court-ordered auction is marketed by the Hendersonville office of Real Look – a company that specializes in marketing the sales and disposition of government – and bank-owned properties and judicially mandated property sales.
The auction will take place at the corporate headquarters of James R. Cash Auctions at 10 Lea Ave., Suite 920, in Nashville. Bidders may also participate remotely via Simulcast, which provides a live video feed of the auction and the means to electronically submit bids in real time.
“The interest in these auctions has been intense,” said Justin Ochs, Real Look’s vice president of national development. “A typical successful auction held by our company may only require four to five interested buyers. Within a few days of announcing this auction, we already had 80 inquiries, and we expect these numbers to go much higher as we approach Jan. 27. I believe the excitement is driven by both the real estate’s quality – especially the hard-to-find acreage in midtown – and the nationwide interest in Nashville’s commercial real estate market.
“This kind of real estate simply does not often go to auction. Since only registered bidders will be allowed to participate, I encourage anyone interested in potentially picking up high-quality property in a hot market for a good price to register today at the Real Look website.”
The Best Western hotel at 825 Murfreesboro Pike in Nashville is a 90,676-square-foot property that sits on 4.4 acres. It is a fully operational 92-room hotel, plus another 56 rooms that are ready to be remodeled – which the previous owner had plans to convert to long-term lodging. The property also includes two banquet halls – one 4,800-square-feet and the other 3,600-square-feet – and an outdoor pool, a fitness center, a self-serve dining area, kitchens and other facilities. The Best Western badge is under membership and is a year-to-year contract. The buyer can pay transfer fees for a new membership, per the seller.
In addition to the hotel, the property also encompasses five retail storefront units – each 20 feet by 70 feet – of which four are currently leased, as well as a vacant 20-feet-by-60-feet retail unit. The successful buyer may continue to operate the property as a mixed-use hotel-retail complex or convert the property to any other use allowed by zoning, which includes commercial service district. The districts are intended to provide opportunities for a diverse range of commercial uses that include retail trade and consumer services, automobile sales and repair, small-scale custom assembly, restaurants, entertainment and amusement establishments, financial, consulting and administrative services.
The property will be open for public previews Jan. 21 from noon until 4 p.m. Prospective bidders can also arrange private showings by appointment with Real Look.
The 1.27 acres in midtown Nashville, bounded by Church Street, Hynes Street, 14th Avenue N. and 15th Avenue N. are eight adjoining, undeveloped commercial lots about one mile from the state capitol, Bridgestone Arena, Ryman Auditorium, Lower Broad and other downtown tourist attractions. The property offers 178 feet of road frontage on 14th Avenue N., which overlooks the downtown interstate loop and an additional 165 feet of road frontage on 15th Avenue N.
Future development of the land will be facilitated by its level topography and versatile zoning that allows high-intensity residential, office and compatible commercial uses. The standards for the district also permit large-scale buildings and include incentives to locate off-street parking within structures. Previous site plans included a nine-story hotel with parking. The midtown lots will be sold in three parcels.
The midtown lots are available for viewing at any time, and there’s no need for an appointment.
All of the properties will be sold as is and, though there is no reserve price, confirmation of the sale is subject to approval by a judge. This sale is under the direction of the Putnam County chancery court, case No. 2019-26. The auctions also will not allow so-called stalking horse bids – whereby bidders are allowed to make a bid after the auction is closed. Sales at the auctions will be final.
Auction companies involved in this sale are James R. Cash Auctions of Nashville and Amonett’s Eagle Auction and Realty in Cookeville.
Because of COVID-19-necessitated restrictions on the size of public gatherings, attendance at the in-person auction will be limited, and bidders will be admitted based on their order of registration. However, participation via Simulcast, which offers all the benefits of in-person bidding by a remote connection, will be unlimited. For more information, contact Justin Ochs at email@example.com or 615-507-5984.
Real Look provides comprehensive real estate services for marketing the sales and disposition of government- and bank-owned real estate, as well as real estate ordered sold by the justice system. Its clientele includes the U.S. Department of Justice, the U.S. marshal’s office and the FDIC and it operates from offices in Houston, Texas, and Hendersonville. In 2019, Real Look assisted in the marketing of 453 properties for a total sales price of more than $152 million.