Notes: SoBro’s Ink Building under contract

Commercial Real Estate

Dec 19, 2018

  The SoBro parcel home to the INK Building is under contract to be sold to an Austin-based real estate company, The Tennessean reports.

With an address of 613 Ewing St., the INK Building (pictured) is home to Made In Network, First Tennessee Bank office space, a Frothy Monkey cafe and Cowork at Ink (a coworking space that houses several creative startups connected to Ink Building owner Mark Montgomery).

The sale to Austin-based Prime is slated to be finalized in January, with terms not being disclosed, the morning daily reports. Montgomery and some investors acquired what is now a four-story building in January 2014 for $875,000. The team later added two stories and a rooftop event space/patio.

The property was listed in November 2017 for $8 million (read here).

The most recent Metro appraisal for the building and its 0.36 acres was $3.72 million in January 2017.

Travis Kelty, founder of Nashville-based Kelty Commercial Real Estate, is representing Montgomery and business partner Joe Glaser in the deal.

Wedgewood-Houston site prepped for development

The owner of a Wedgewood-Houston property is requesting a rezoning of the site — a move seemingly to make it more attractive for redevelopment.

Tennessee Concrete Association owns the property, which has an address of 700 Hamilton Ave. TCA acquired the 1.87-acre property in March 2008 for $530,000, according to Metro records.

TCA has enlisted Nashville-based architecture firm Smith Gee Studio (SGS) to assist in getting the property rezoned to mixed-use from industrial. A Jan. 10, 2019, Metro Planning Commission meeting is slated.

There are no renderings or site plans submitted at this point, according to SGS.

The property is located to the south of the former Greer Stadium, to the west of the Wedgewood-Houston and to the east of the Eighth Avenue corridor.

Antioch could land mixed-use building

A mixed-used project is being eyed for the Antioch area.

Proposed for 1638 Bell Road and to be called The Collection, the building would include 67 residential units, 1,500 square feet of retail and, in the process, incorporate 31,000 square feet of existing “general office/business school” space, according to a Metro document. National College of Business and Technology operates from the existing building.

The existing zoning is specific plan-office (SP-O), with a specific plan-mixed use zoning sought. A Jan. 10, Metro Planning Commission hearing is slated.

Virginia-based Corolla Management Corp. owns the property, having paid $787,000 in January 2007, Metro records show.

Nashville-based Dale & Associates is handling land planning and entitlements for the owner.

Two suburban apartment complexes sell

Dallas-based Holliday Fenoglio Fowler, has announced the capitalization for the $29 million acquisition and renovation of Stone Ridge Apartments and Bristol Ridge Apartments.

The two suburban apartment Nashville-based residential properties offer a collective 363 units. Stone Ridge Apartments has an address of 1019 Patricia Drive, with Bristol Ridge Apartments located at 307 Glengarry Drive. Both properties are located within six miles of downtown.

According to a release, HFF represented Los Angeles-based buyer Archway Equities LLC. 

Bristol Owner LLC, the seller, acquired the properties in 2012 and 2013 as distressed bank-owned assets and has since upgraded both. 

A new partnership, with the help of asset managers Magma Equities and 37urban, intends to re-brand both complexes and complete a renovation plan.

The acquisition financing was provided by Latitude Management Real Estate Investors and the seller was represented by The Kirkland Co.’s Dennis Harris of Nashville.

 HFF officials representing Archway Equities were senior director Zack Holderman and analyst Daniel Pinkus.

“We are excited to enter the market with these two assets,” said Sean Moghavem, president of Archway Equities.  “Between the $300 million, 27,500-seat MLS stadium development and the $1.2 billion airport expansion nearby, we knew it would be a strong opportunity for us. We’re eager to find more assets here in the coming months and believe this market will continue to bear successful opportunities for us.”

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