A Northeast-based commercial real estate company has paid $10 million for a South Nashville property once owned by the late and iconic local furniture retailer Ray Batts.
According to a Davidson County Register of Deeds document, Forstone Capital now owns the eight-parcel property, which is recognized as the home of Nashville Furniture Warehouse and has an address of 502 Thompson Lane. The property covers about 4.5 acres.
The seller was Furniture Warehouse & Showroom Inc., which paid a collective $1.5 million for the property in two transactions (a $1.3 million deal in 2011 and a $200,000 transaction in 2016), according to Metro records.
The purchase comes after Forstone, which is headquartered in Connecticut, paid $12 million in late 2019 for a warehouse located at 3040 Sidco Drive and near the Thompson Lane site (read more here). Forstone also owns the Oaks Business Center at 2967-2977 Sidco Drive.
A small building, home to children’s playground equipment dealer PlayNation, sits on the property Forstone just acquired.
Charlie Gibson, managing director for the local office of Cushman & Wakefield, represented Forstone. David Huddleston, a broker with CRE Nashville, repped seller.
Long-time Nashvillians will remember the Nashville Furniture Warehouse building once accommodated Ray Batts Furniture and Appliance Co. For context, Batts — who owned multiple stores in the area and specialized in La-Z-Boy reclining chairs — and wife Mildred Batts sold the building itself to a related entity for $176,000 in 1973.
Known as “The Furniture Man,” Batts died in 2015 at age 90. His wife had previously died in 2005.