NASHVILLE, Tenn. (WKRN) — Two major Nashville properties will be auctioned by court order after a partnership dissolution including a large Murfreesboro Pike hotel and eight undeveloped Midtown lots.
Those marketing the auction say interest is intense, which shows Nashville’s commercial real estate is hot, and it’s hot nationwide.
“Auctions are generally reserved for the properties that are hard to value,” Justin Ochs said, Vice President of National Development at Real Look. “They’re in a prime location, prime market, their locations [are] in downtown Nashville, it’s an excellent auction opportunity.”
This means 2021 is bringing good news for inventors interested in breathing new life into an area many say needs a breath of fresh air— Murfreesboro Pike.
“If we could get rid of some of these hotels, this whole corridor could change overnight,” said Bobby Joslin, a well-known Nashville businessman and owner of Joslin & Sons Signs.
But Joslin says he hopes one hotel stays.
The Best Western Hotel being auctioned off sits at 825 Murfreesboro Pike. The 90,676-square-foot property sitting on 4.4 acres is a fully operational 92-room hotel, plus another 56 rooms that are ready to be remodeled, which the previous owner had plans to convert to long-term lodging.
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-serve dining area; kitchens and other facilities.
In addition to the hotel, the property also encompasses five retail storefront units.
“I would hope it remains a hotel,” Joslin said. “They just remodeled that entire thing, there was a lot of money that went into that hotel.”
Ochs says the possibilities are endless, and it’s up to the highest bidder on what happens to the hotel.
“We all know the hotel industry in the past year has been hurt by the pandemic, we’re beginning to see that rebound, that property also has multiple opportunities if someone wanted to also convert that into a multifamily space, you can dream up pretty much anything you want to do with that area, especially on 4.4 acres and only 5 miles from Nashville International [Airport].”
In addition to the hotel, 1.27 acres in Midtown bounded by Church, Hynes, 14th Avenue North and 15th Avenue North, are also set to be auctioned off.
The eight adjoining, undeveloped commercial lots are approximately one mile from the State Capitol, Bridgestone Arena, Ryman Auditorium, Lower Broad and other downtown tourist attractions. The property offers 178 feet of road frontage on 14th Avenue North, which overlooks the downtown interstate loop, and an additional 165 feet of road frontage on 15th Avenue North.
“Someone could put in a new hotel, a commercial office building, they could put in multi-family development. I think with the number of people still moving to Nashville it creates more opportunity to create more revenue for our city and to allow the city to go forward and provide more living spaces for those people that are coming here,” Ochs said.
Because of COVID-necessitated restrictions on the size of public gatherings, attendance at the in-person auction will be limited, and bidders will be admitted based on their order of registration.
However, participation via Simulcast, which offers all the benefits of in-person bidding by a remote connection, will be unlimited.
The auction will take place at the corporate headquarters of James R. Cash Auctions, 10 Lea Avenue, Suite 920, Nashville on January the 27th at 1:00 p.m.
For more information, contact Justin Ochs at email@example.com or (615) 507-5984.
News 2 is reporting on Nashville’s historic growth and the growing pains that come with it. Click here for more Nashville 2021 reports.