NASHVILLE, Tenn. (WKRN) —A Baltimore-based real estate firm has purchased one of Lower Broad’s most iconic buildings.
Continental Realty Corporation acquired 111 Broadway, which is the home of Rock Bottom Brewery and the Glen Campbell Museum, for $36 million.
The 50,303 square foot mixed-use property was constructed in 1930 just one block from the Cumberland River. The three-story building has been extensively renovated over the past five years, including improvements to the roof, windows, exterior and elevator systems, according to a release.
Continental executives told News 2 they see it as a great asset in a world class city.
“Nashville has a lot going for it, It’s in a no tax state, it has good weather, it has good business friendly environment lots of entrepreneurship. It does have the entertainment factor also that sets it apart from other cities such as Las Vegas or even New Orleans, similar feel but can’t hold a candle to Nashville,” explained Josh Dinstein with Continental Realty.
“Nashville is ranked as the fourth best economy in the United States and the population in the immediate area of 111 Broadway is expected to increase by nearly 10% over the next several years,” stated JM Schapiro, CEO of Continental Realty Corporation. “Combined with the outstanding fundamentals, economic drivers and vibrancy of downtown Nashville, we view this acquisition as a tremendous investment that will create long-term value. The continued addition of new commercial office, hospitality and entertainment elements in the immediate proximity were compelling reasons for this purchase.”
Dinstein said Nashville is one of Continental’s target markets and they plan to be in business on Lower Broadway for a long time. There are no current plans to make any major changes to 111 Broadway.