A North Carolina company has paid $4.5 million for a Chestnut Hill property located near downtown’s southern fringe.
With an address of 914 Third Ave. S., the .46-acre property offers a small one-story building. It had been marketed as a prime spot for a self-storage facility, with an image noting a seven-story structure with more than 100,000 square feet.
The new owner is Charlotte-based Madison Capital Group, which is undertaking two apartment developments in Nashville (read here and here). The company also owns self-storage and boat storage facilities and acquired the local property via an LLC with the word “storage.” MCG officials could not be reached for comment.
The seller was Nashville-based development firm The Mainland Companies.
The deal is the equivalent of about $225 per foot.
The sale comes after Mainland, led by CEO Ken Larish, in January paid a collective approximately $14.52 million for the property and for 0 Fourth Ave. S., 914-916 Fourth Ave. S. and 300 McCann St. (Read more here.) Of note, the building at 300 McCann St. is home to adult entertainment business Pure Gold’s Crazy Horse and show a mixed-use building seemingly to offer residential.
J.P. Lowe and Georgia Fletcher — first vice president and vice president (who oversees the company's self-storage team), respectively — of Nashville-based Charles Hawkins Co. represented Mainland in the deal.
Madison Capital Group did not use a broker, according to a source.
The just-sold property is located one block east of multiple properties owned by Mainland and Chicago-based real estate development and investment company Speedwagon Capital Partners. The partners have branded Chestnut Hill’s northern segment as the New Heights District, paying tribute to New Heights Brewing Company craft beer business operating in the area.
New Heights District will include New Heights 915, an office building to be fully occupied by co-working venture Serendipity Labs; The Stack Exchange, a mixed-use building to offer retail, food and beverage and office spaces, and utilizing repurposed shipping containers; and 6th & Oak (a working name), a 145-unit multifamily building.