(Editor’s notice: This text has been up to date to precisely mirror the total transaction worth.)
Downtown’s Fifth + Broadway has offered for $787 million in what virtually actually ranks as essentially the most important single-asset and single-location actual property deal in Nashville historical past.
Based on a Davidson County Register of Deeds doc, the brand new proprietor is Denver-based actual property funding agency Northwood Buyers.
The vendor was Brookfield Properties, through its OliverMcMillan Spectrum Emery LLC.
The transaction included $715 million for the majority of Fifth + Broadway and $72 million for the leasehold of a parking storage on land owned by Metro.
Northwood has landed a mortgage, valued at $426.9 million, from Pacific Life Insurance coverage firm, a separate doc notes.
The Davidson County Register of Deeds doc references the transaction consists of all of Fifth + Broadway’s a number of buildings: the buildings housing Meeting Meals Corridor and the Nationwide Museum of African American Music, residential and retail tower The Place and Class A workplace tower 501 Commerce (the headquarters of AllianceBernstein).
OliverMcMillan (which Brookfield acquired in 2018) and late native developer Pat Emery developed the positioning of Fifth + Broadway, which carried an estimated tag of greater than $425 million and sits on the previous footprint of the Nashville Conference Heart. Having began preliminary work on the hassle in 2013 when he was a part of Spectrum | Emery, Emery (who was an proprietor of Corridor Emery on the time of his latest loss of life) known as Fifth + Broadway a “legacy achievement” in early 2021 (the primary parts of the event opened in late 2020).
“We really feel that Fifth + Broadway’s vitality and integration within the coronary heart of downtown is unparalleled,” Erin Cannata, managing director of Northwood Buyers, stated within the launch. “As a mixed-use asset, all its components work collectively cohesively, and Brookfield has achieved an outstanding job with its improvement. Our Northwood administration group is happy to hold on the torch, have interaction with town, and associate with tenants like The Nationwide Museum of African American Music, AllianceBernstein, The Twelve Thirty Membership, Meeting Meals Corridor and extra.”
Burgin Dossett, Brookfield Properties vp of improvement, stated the corporate is “very pleased with its improvement and success as a serious vacation spot in and financial driver for Nashville. Whereas Brookfield has efficiently recapitalized the asset according to its general funding technique, we stay very desirous about Nashville and enthusiastic about its future.”
The Northwood web site notes the corporate owns and manages $19 billion value of actual property and is house to about 250 workers. It deploys about $7 billion in investor fairness.
Northwood, which additionally affords a serious New York workplace, isn’t new to Nashville. In October, the corporate paid $55.2 million for the Music Row constructing house to BMG Rights Administration (learn here). And in June, Northwood acquired for $119 million the Broadwest primary tower part that provides the 234-room Hilton Conrad lodge (learn here).
Northwood additionally owns One and Two Franklin Park in Cool Springs, having paid $200 million for the property in October 2020 (learn here).
Nashville Enterprise Journal was the primary native media entity to report that Fifth + Broadway was being provided on the market and that, subsequently, Northwood was to be the client.