Fifth + Broadway. Picture courtesy of Northwood Retail.
Northwood Buyers has acquired Fifth + Broadway, a mixed-use, open-air property in Nashville, Tenn., for $715 million, in accordance with the Nashville Put up.
Pacific Life offered acquisition financing for Fifth + Broadway, which was owned and operated by Brookfield Properties. The mixed-use asset features a retail element, The Place residences and the 501 Commerce workplace tower.
The property got here on-line in 2021 and was delivered by Skanska USA. Brookfield Properties developed the property in partnership with OliverMcMillan and Spectrum|Emery Properties. The asset is taken into account one of many largest mixed-use developments within the historical past of Nashville, in addition to Tennessee.
Positioned at 1221 Broadway, lower than one mile away from Fifth + Broadway, a brand new workplace tower was lately accomplished by GBT Realty and Koch Actual Property Investments. The Class A constructing was designed by structure agency Gresham Smith.
A revolutionary Nashville challenge
Designed by Gresham Smith and Gensler, Fifth + Broadway sits on a 6.2-acre website that changed the Nashville Conference Heart. The challenge features a 250,000-square-foot retail and leisure area, the 56,000-square-foot nationwide Museum for African American Music, 367,000 sq. toes of workplace area, 381 residential models and a pair of,000 parking areas.
501 Commerce is a 25-story LEED-certified workplace constructing that features a health heart, convention rooms and 952 parking areas. The tenant roster options Polsinelli, Okay&L Gates and AllianceBernstein. The Place is a 34-story residential constructing. Facilities embody a health heart, spa, swimming pool, clubhouse and enterprise heart. The eating and retail heart hosts tenants comparable to Meeting Meals Corridor, The Twelve Thirty Membership, Carhartt, Ray Ban and Sephora, amongst others.
The middle is situated within the coronary heart of the Arts District. The encircling space contains a number of metropolis landmarks, comparable to Nation Music Corridor of Fame and Museum, Struggle Memorial Auditorium, Musicians Corridor of Fame & Museum and the Stroll of Fame Park.
Northwood’s workplace portfolio
This transaction marks Northwood’s fifth Nashville asset the corporate has invested in. Earlier this month, Ampersand Studios signed a lease for 26,124 sq. toes of area at 1030 Music Row, a boutique workplace Northwood lately acquired for $55.2 million. CommercialEdge information exhibits that the corporate owns three different workplace buildings on this market. Throughout the U.S., the corporate owns 65 workplace belongings, of which 50 are Class A properties.
