Nashville Parking Changes Hands for $54M
A joint venture between RBN Equities and Jadian Capital sold the 12-story asset, which contains more than 1,000 stalls and 37,000 square feet of retail and office space.
By Jeff Hamann
Public Square Garage
Stoltz Real Estate Partners has purchased the 1,069-stall Public Square Garage (PSG) for $54 million in Nashville, Tenn. The seller, a joint venture between RBN Equities and Jadian Capital, acquired the property in August 2015 for $26.2 million from LAZ Parking Realty Investors, according to Williamson County records.
Located at 350 Deaderick St. in downtown Nashville, the 12-story structure rises alongside Highway 11, four blocks from the State Capitol. The asset, constructed in 1975, is two blocks from Rockbridge’s recently restored 224-key Noelle hotel and within half a mile of the Bridgestone Arena. The building is positioned near many of the city’s major employers, and the structure itself contains 37,000 square feet of office and retail space on the first two floors.
CBRE’s Douglass Johnson and Morgan Hillenmeyer acted on behalf of the seller. “With only 20,000 parking spaces for more than 65,000 employees and an average of 35,000 other daily visitors, the CBD suffers from a parking shortage, which makes PSG a great investment as demand for parking space continues to be high,” said Johnson, senior vice president of CBRE, in a prepared statement.
Image via Google Maps
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