Compass Auctions & Real Estate LLC , a Chattanooga-based auction and real estate company with offices in Tennessee, Georgia and Kentucky, announced an $8,925,000 sale of two large adjacent properties in downtown Nashville, on behalf of the state of Tennessee. The winning bidder will remain confidential until after closing on or before Aug. 7.
The auction took place at the Hermitage Hotel and had more than 30 attendees.
The properties, at 450-460 James Robertson Pkwy., include two-plus acres located on the north side of James Robertson Parkway and Gay Street, with frontage on the south side of Fourth Avenue North.
“The Compass team created an exceptional in-depth marketing approach that was targeted toward individuals and entities that would have an esoteric knowledge of the investment opportunities that this property provided in the Nashville downtown area,” said Paige Holt, president of Compass Auctions & Real Estate. “Real estate in this market is in high demand, and a property of this size is a rare opportunity.
"We are exceptionally proud of the efforts of our team to bring this premier piece of real estate to the auction stage.”
“We are extremely pleased with today’s auction,” said Justin Ochs, vice president of National Development for Compass. “We believe our national marketing efforts attracted the most qualified pool of buyers for this particular asset and are honored to have performed the auction on behalf of the state of Tennessee.”
The properties include approximately 2.1 acres offered in two separate, but adjoining, parcels and as a whole. The 450 James Robertson Pkwy. consists of approximately 0.87 acres (38,025+/- square feet), and 460 James Robertson Pkwy. consists of approximately 1.18 acres (51,296+/- square feet) with approximately 45,294 square feet of office space.
The location is zoned in order to encourage a mix of compatible land uses that provide opportunities to live, work and shop downtown.