Significant Nashville commercial real estate holdings to be auctioned by court order | News

Due to a partnership termination, the New Year brings good news for those interested in investing in the Nashville commercial real estate market.

On the block is a 90,767-square-foot Best Western-flagged Murfreesboro Pike Hotel and a rare cluster of eight adjacent commercial space in Midtown Nashville that spans 1.27 acres. The property is located between Church and Hynes Streets and overlooks Interstate 65 downtown, which is an average of 77,000 vehicles daily according to 2018 records.

The unreserved judicial auction, scheduled for January 27 at 1:00 p.m., will be organized by the Hendersonville office of Real Look – a company specializing in marketing the sale and alienation of government real estate – as well as bank-owned ones Real Estate and Legal Real Estate Markets Sales.

The auction will be held at the James R. Cash Auctions corporate office at 10 Lea Ave., Suite 920, Nashville. Bidders can also participate remotely via simulcast, which offers a live video feed of the auction and the ability to place bids electronically in real time.

“There was a lot of interest in these auctions,” said Justin Ochs, Real Looks Vice President, National Development. “A typical successful auction for our company may only require four to five interested buyers. Within a few days of the announcement of this auction, we already had 80 inquiries, and we assume that these numbers will increase significantly by January 27th. I believe the excitement will be driven by both the quality of the property and the difficulty of the property. see Midtown acreage – and the nationwide interest in Nashville’s commercial real estate market.

“This type of property just isn’t auctioned off very often. Since only registered bidders are allowed to enter, I encourage anyone interested in purchasing good quality property in a hot market for a good price to register on the Real Look website today. “

The Best Western Hotel at 825 Murfreesboro Pike, Nashville is a 90,676 square foot property set on 4.4 acres. It is a fully functional hotel with 92 rooms and another 56 rooms that can be converted. The previous owner planned to convert this to long-term accommodation. The property also includes two banquet halls – one 4,800 square feet and the other 3,600 square feet – as well as an outdoor pool, fitness center, self-service dining area, kitchens, and other facilities. The Best Western badge is a member and an annual contract. The buyer can pay transfer fees for a new membership per seller.

In addition to the hotel, the property also includes five retail stores – each 20 feet by 70 feet – four of which are currently rented, as well as an empty retail store measuring 20 feet by 60 feet. The successful buyer may continue to operate the property as a mixed-use hotel-retail complex or convert the property to any other use permitted by the zoning, including the commercial park. The districts are designed to provide opportunities for a variety of commercial uses, including retail and consumer services, automobile sales and repairs, small custom assembly, restaurants, entertainment and entertainment, financial, advisory and administrative services.

The property is open for public screenings from 12:00 p.m. to 4:00 p.m. on January 21. Potential bidders can also arrange private demonstrations by agreement with Real Look.

The 1.27 acres in Midtown Nashville bounded by Church Street, Hynes Street, 14th Avenue N., and 15th Avenue N. are eight contiguous, vacant commercial spaces about a mile from the state capital, Bridgestone Arena , the Ryman Auditorium, Lower Broad, and other downtown tourist attractions. The property features 178 feet of street frontage on 14th Avenue N. overlooking the downtown interstate loop and an additional street frontage of 165 feet on 15th Avenue N.

The future development of the country is facilitated by its flat topography and the versatile zoning, which enables intensive residential, office and compatible commercial use. The standards for the district also allow large-scale buildings and include incentives to locate off-street parking spaces within structures. Previous site plans included a nine-story hotel with parking. The Midtown lots are being sold in three packages.

The Midtown lots are open to view at any time, and no appointment is required.

All properties are sold as they are and although there is no reserve price, confirmation of the sale must be approved by a judge. This sale is being conducted under the direction of the Putnam County Registrar’s Court Case No. 2019-26. The auctions also do not allow so-called stalking horse bids – bidders may submit a bid after the auction has ended. The sale at the auctions is final.

Auction companies involved in this sale are James R. Cash Auctions of Nashville and Amonett’s Eagle Auction and Realty of Cookeville.

Due to the size of public gatherings imposed by COVID-19, participation in the personal auction is limited and bidders are admitted based on their registration order. However, there is no limit to participation via simulcast, which offers all the advantages of in-person bidding over a remote connection. For more information, contact Justin Ochs at [email protected] or 615-507-5984.

Real Look provides comprehensive real estate services for the marketing and disposal of government and bank owned real estate and real estate sold by the judicial system. His clients include the US Department of Justice, the US Marshal’s Office, and the FDIC. The company operates out of offices in Houston, Texas and Hendersonville. In 2019, Real Look supported the marketing of 453 properties for a total sale price of more than $ 152 million.