Commercial real estate investment firm Elmington Capital has purchased Nashville’s Demonbreun strip, which includes restaurants, bars and offices, for $17.67 million.
The property was purchased from LUI Nashville, a subsidiary of the Houston based company The Lionstone Group. Independent real estate broker Richard Wallace brought the property to Elmington Capital, with Crews Johnston of the Nashville office of Cassidy Turley representing The Lionstone Group.
Elmington Property Management will manage the property and XMI Commercial Real Estate managing director Henry Menge will handle leasing services.
Demonbreun contains 63,000 square feet of retail space, including Off Broadway Shoes, The Tin Roof, The Pavilion and 24,000 square feet of office space in the Miller Harris building, which houses Country Weekly. The entire property covers over 3.38 acres.
“We are extremely excited to have the opportunity to invest in a Nashville landmark, and we look forward to continuing to provide [the city] with a venue that is uniquely Nashville,” said Elmington Capital president Cary Rosenblum.
Demonbreun will add several new operations, including The Dawghouse Saloon, El Camino Taco and a beer and burger joint spearheaded by an unnamed Nashville restaurateur. The diverse area also contains members of the music industry in the Miller Harris building.
Elmington Capital senior VP Ben Brewer commented on that building, saying, “When you step into the building, you can feel the energy and the history that surrounds you. We are pleased to offer this Music Row address to the creative community in Nashville.”