Nashville commercial real estate set for auction by court order including Murfreesboro Pike hotel

NASHVILLE, Tenn. (WKRN) – Two large Nashville properties are up for auction following a court order dissolution, including a large hotel in Murfreesboro Pike and eight vacant lots in Midtown.

Those marketing the auction say interest is high, which shows that Nashville’s commercial properties are hot and nationwide hot.

“Auctions are generally reserved for properties that are difficult to value,” said Justin Ochs, vice president of national development for Real Look. “You are in a prime location, in a prime market, at your locations [are] In downtown Nashville, this is an excellent auction opportunity. “

This means 2021 brings good news to inventors interested in breathing new life into an area that many say needs a breath of fresh air – Murfreesboro Pike.

“If we could get rid of some of these hotels, that entire corridor could change overnight,” said Bobby Joslin, a well-known Nashville businessman and owner of Joslin & Sons Signs.

But Joslin says he hopes a hotel will stay.

The Best Western hotel that will be auctioned is located at 825 Murfreesboro Pike. The 90,676-square-foot property spanning 4.4 acres is a fully functional hotel with 92 rooms and an additional 56 rooms that can be remodeled. The previous owner planned to convert it into 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; a fitness center; a self-service dining area; Kitchens and other facilities.

In addition to the hotel, the property also includes five retail stores.

“I would hope it stays a hotel,” said Joslin. “They just remodeled the whole thing, there was a lot of money that went into this hotel.”

Ochs says the possibilities are endless and that it is up to the highest bidder what happens to the hotel.

“We all know that the hotel industry was hit by the pandemic last year. We are beginning to realize that the hotel is recovering and that there are several options if someone wants to convert this to an apartment too – much anything you could want to do with the area, especially on 4.4 acres and only 5 miles from Nashville International [Airport]. ”

In addition to the hotel, 1.27 acres in Midtown, bordered by Church, Hynes, 14th Avenue North and 15th Avenue North, are also due for auction.

The eight adjacent vacant commercial spaces are approximately 1 mile from the State Capitol, Bridgestone Arena, Ryman Auditorium, Lower Broad, and other downtown tourist attractions. The property features 178 feet of street frontage on 14th Avenue North overlooking the downtown interstate loop and an additional 165 foot street frontage on 15th Avenue North.

“Someone could build a new hotel, a commercial office building, they could do multi-family development. I think with the number of people still moving to Nashville, there is more opportunity to generate more revenue for our city and allow the city to move forward and create more living space for the people who come here ” said Ochs.

Due to COVID-required restrictions on the size of public gatherings, participation in the personal auction is limited and bidders are admitted based on their registration order.

Participation via simulcast, which offers all the advantages of in-person bidding over a remote connection, is unlimited.

The auction will take place on January 27 at 1:00 p.m. at the James R. Cash Auctions corporate office, 10 Lea Avenue, Suite 920, Nashville

For more information, contact Justin Ochs at [email protected] or (615) 507-5984.

News 2 reports on Nashville’s historic growth and the increasing pain that has come with it. For more Nashville 2021 reports, click here.