Demonbreun Hill Sold To New Jersey Company
The strip of retail property known as Demonbreun Hill has been sold for $33.5 million, reports The Tennessean. New Jersey-based real estate company Castle Rock Equity Group purchased the property from Nashville-based Elmington Capital Group.
Castle Rock said in a statement to The Tennessean that it plans to improve the retail center, with an eye toward an entertainment-based development to be built in the next several years.
“This location epitomizes the vibrant nightlife of the music industry,” said Castle Rock’s chief executive, Judah L. Angster. “We want to hone in on that spirit with each design and make sure that local establishments stay within the final footprint, as their character and identity are synonymous with Music Row.”
In fall 2013, Elmington paid nearly $17.7 million for the retail strip, which it then rebranded as Demonbreun Hill. In 2015, Elmington Capital Group obtained a mixed-use zoning for the area for the development, which would have included a grocery store and parking garage, along with residential units, hotel rooms, and office space.
Other Music Row Properties Hit Market
Six commercial properties belonging to the estate of late Nashville businessman Ted Welch are for sale, including those located at 1222 16th Ave. S., and 1114 17th Ave. S.
The five office buildings and one office/retail building total 128,645 square feet of space that’s 60.4 percent leased overall. Tenants include the state’s Tennessee Republican Party, Steps Fitness plus several law firms and hair salons. The properties could be bought as a portfolio or individually.
A 47,000-square-foot office building at 2416 21st Ave. S. is the largest in the six-building portfolio. Others include the building at 2424 21st Ave. S., where the state’s Republican Party headquarters and Steps Fitness are located. The portfolio also includes buildings with addresses 2405/2409 21st Ave. S., 2120 Crestmoor Road.
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