Local real estate investors and developers Nathan Hysmith and Beau Fowler have closed on the approximately $8.76 million purchase of Wedgewood-Houston property on which they plan a major development.

The acquisition follows the pair’s $4.5 million purchase last week of about two acres of adjacent property at 700 Hamilton Ave. The seller was Tennessee Concrete Association, which paid $530,000 for the property in 2008, Metro records show.