A prominent Green property is under contract to be sold to an out-of-town development company.
Located at 4012 Hillsboro Pike across from Hill Center Green Hills, the 1.03-acre property is positioned near the busy T-intersection of Hillsboro and Richard Jones Road.
Previously, Dallas-based Lincoln Property Co. had the property under contract. Now, Bala Cynwyd, Pennsylvania-based Stoltz Real Estate Partners is seeking to buy the property.
Home to multiple retail buildings accommodating Logos Christian Bookstore and Sleep Outfitters, among other businesses, the property sits within Metro Councilmember Russ Pulley’s District 25.
The property is zoned to accommodate a building of up to 15 floors. Nearby is the 18-story Vertis, which Nashville-based Southern Land Co. developed. And now, Brentwood-based GBT Realty is seeking to develop a Richard Jones Road site with the 16-floor Eden House (read here).
Stoltz is not commenting on any plans it might have for the site were it to successfully acquire the property.
Pulley said he has been in communication with “a number of people” about the property over the years.
“Recently I spoke with the attorney representing Stoltz and representatives of the group who have the property under contract,” he said. “They had some thoughts about what they wanted to do with the property and are currently going through their due diligence on feasibility. I communicated to them the same position I communicate to all prospective owners who desire to develop property in this area. It is important to know the current entitlements. And we certainly would love to know their plans if they involve developing under those terms.”
Pully said if Stoltz is successful in acquiring the property and wants it rezoned or the entitlements changed, the company would need “to engage the [area stakeholders] and show us how amending the current entitlements will be of benefit to our community.”
Of note, Stoltz continues to acquire properties in urban Nashville locations. In June, it purchased a Buena Vista property once home to a O’Reilly Auto Parts for $7.5 million (read here). Last September, Stoltz paid $34 million for the office component of mixed-use Midtown high-rise Loews Vanderbilt Plaza (read here).
Founded in 1957, Stoltz also owns The Sheds on Charlotte and downtown’s ServiceSource Tower and Public Square Garage. The company entered the Nashville market in 2016 by buying downtown’s Stahlman and The Lofts at 160 apartment buildings.
Nashville’s Morehead family owns the Green Hill property Stoltz now seeks, with a related entity having originally acquired it in 1945, according to Metro records. The owners have enlisted Bert Mathews and Lance Bloom, executive vice president/partner and senior vice president, respectively, with Colliers Nashville, to handle the marketing and sale of the property.
Previously, and as noted, Lincoln Property had eyed a project with 300 residential units, 50 hotel rooms, 6,000 square feet of restaurant and retail space and about 36,000 square feet of office space, according to a Metro document.