Site near multiple parcels undergoing or planned for redevelopment
July 31, 2018 | William Williams | Nashville Post
A large property located near what many feel is the epicenter of The Nations has been listed for sale for an undisclosed asking price.
The 4.34-acre site — located two blocks east the high-profile intersection of 51st Avenue North and Centennial Boulevard — has an address of 1200 49th Ave. N. It is home to and owned by Jackson Masonry. An entity affiliated with the company originally acquired the property, which is zoned for industrial uses, in 1998 for $170,000, according to Metro records.
Jackson Masonry, which plans to relocate to a rural-oriented site, has enlisted Nashville-based OakPoint Real Estate to handle the marketing and sale of the property.
Rick Helton, OakPoint partner, said the property is ideally suited for multi-unit residential and mixed-use buildings as well as creative space development opportunities (a rezoning for such uses would be needed). He noted its proximity to both Stocking 51 and Silo Bend.
“This site is enjoying strong interest from developers and investors, and we hope to select a buyer in the next 30 days,” Helton said.
In addition, local entrepreneur and real estate investor Darek Bell owns a nearby site, as does a group of investors that includes Elliott Kyle. Bell’s property (read more here) is located at 4717 Centennial Blvd. The 0.37-acre triangular property Kyle and his business partners bought in July 2018 (read more here) is home to a vehicle service shop and garage and has an address of 4901 Centennial Blvd.
Bell paid $6.8 million for 6.3 acres, the equivalent of $24.77 per square foot. Kyle and the investors paid $705,000, the equivalent of $43.74 per foot.
With that math offering context, the Jackson Masonry site could command (at a minimum of $25 per foot) at least $4.7 million.