901 Meridian Street | Nashville, TN
Disposition | Investment Sale
Total Improvements: 45,000 SF
Sold Price: $3,000,000
Marketing to LOI Timeframe: Two weeks
An established church engaged OakPoint to sell its real estate in order to relocate closer to its congregation. The real estate included a three-acre campus comprised of 8 distinct tax parcels, divided by a main street, with multiple zoning districts, two ownership entities, multiple existing tenants, and a mid-1800s house on the National Register of Historic Places.
To avoid disruption to the active congregation, no property signage was used to market the property, which necessarily limited visibility for the sale. However, through extensive research to reach regional developers, investors, and other suitors, OakPoint approached a targeted list of buyers with a detailed marketing package that effectively summarized the collection of unique parcels involved in the sale.
Within two weeks of marketing the property, OakPoint created a competitive bidding environment and the client received multiple offers within the same week. Through this process a buyer emerged with an offer to pay full asking price. The client entered a contract with this buyer, and successfully closed on the sale in a timely manner under the terms of this contract.