A Chicago-based development company seemingly has made it initial foray into Nashville with the $34 million purchase of SoBro property recognized for a soaring radio broadcasting tower.
According to a release, Centrum Development teamed with Nashville Capital Group to acquire the 3.37-acre two-parcel site, which has a main address of 500 Second Ave. S. and sits in a part of SoBro that overlaps with Rutledge Hill.
The seller was Cumulus Media, which through what was then Citadel Broadcasting Co. paid $2,075,000 for the property in 2000, according to Metro records.
Charlie Gibson and Crews Johnston, managing director and executive director, respectively, for the Nashville office of Chicago-based Cushman & Wakefield, represented Cumulus.
The buyers did not have broker representation.
Of note, the late Capt. Tom Ryman, a riverboat company owner that built downtown's then-called Union Gospel Tabernacle — now known as Ryman Auditorium — once lived on the site.
Led by Managing Partner Arthur Slaven, Centrum Development has undertaken projects in six states. Most of the company’s buildings (typically ranging in height from five to 10 stories but with a 31-floor tower) are located in the Chicago area.
Roger Brown serves as partner of Brentwood-based Nashville Capital Group. Of note, Brown once owned Summit Strategic Investments, which sold Segway Inc. in 2015 to a Chinese entity.
Centrum officials could not be reached for comment.
Cumulus Media’s main local office is located at 10 Music Circle E. The company’s radio stations operate under the Westwood One banner. Cumulus will soon vacate the property.
The deal comes as Boston-based The Congress Group recently released details for a three-tower project to be undertaken on a site located across Second Avenue for the just-sold property Read more on that here.