Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company, Thursday acquired the property at 111 Broadway in Nashvillel Tennessee, a 50,303-square-foot mixed-use property anchored by Rock Bottom Brewery.
The asset, acquired from Tower Investments, Inc., is 100% leased and represents CRC’s second investment in the greater Nashville marketplace. CRC also owns Fortress Grove Apartments, a 320-unit multifamily community located in Murfreesboro, Tennessee which was acquired in 2017.
Anthony D’Ambrosia of Marcus & Millichap’s New York City office represented the seller in this sales transaction.
Constructed in 1930 and positioned on the Lower Broadway corridor of downtown Nashville just one block from the Cumberland River, the three-story asset has been extensively renovated over the past five years including improvements to the roof, windows, exterior and elevator systems.
The Lower Broadway corridor, with its diverse offering of restaurants, retail shops and entertainment venues including the Bridgestone Arena and the Ryman Auditorium, is recognized as one of the busiest tourist attractions in the country, with more than 15.2 million people visiting the area annually. The property is located less than one mile from Nissan Stadium, home of the Tennessee Titans and the host of special events including the Country Music Awards. More than 230,000 people are projected to reside within five miles of 111 Broadway in 2023, including more than 100,000 households with an average annual income approaching $75,000.