Nashville-based real estate company Elmington Capital Group has paid $8.75 million for about 1,066 acres of West Davidson County property — one of the largest local raw land transactions of the past few years.
With a primary address of 8101 McCrory Lane and sitting on multiple parcels near Interstate 40, the massive chunk of unimproved property was sold by Biltmore Ridge LLC, details for which the Post was unable to determine.
Elmington created three LLCs for a trio of transactions, according to Davidson County Register of Deeds documents.
“It was a very unique opportunity to acquire such a large [property] in Davidson County,” Cary Rosenblum, Elmington's CEO, emailed the Post. “We are still working on plans and are not ready to share anything specific at this time.”
John Cavin, a commercial broker with Nashville-based Southeast Venture, represented the seller. Roscoe High, first vice president at the local office of CBRE, represented Elmington.
Biltmore Ridge LLC previously owned, and sold over the past few years, other land in the general area, according to a source who asked to go unnamed. After having once owned about 2,000 acres, the LLC now retains ownership of a mere 26 acres of that total. Metro records are unclear as to what the LLC paid for the various parcels it just sold.
The recent transaction is the equivalent of about $8,215 per acre. Multiple sources told the Post it is difficult to determine how reasonable the deal was given the sheer number of acres, the property's variable topography and the lack of comparable transactions.
The original master plan for the property — approved by the Metro Planning Commission in 1998 and revised in 2005 — includes a “moderate intensity mixture” of residential, retail, restaurant, office and green space uses.