Nashville Commercial Real Estate Properties Sell for $22 Million at Auction
A Large Murfreesboro Pike Hotel and Midtown Lots Between Church and Hynes Streets Are Under Contract After the January 27 Auction by Real Look
NASHVILLE, Tenn., Jan. 29, 2021 – A court-ordered auction resulted in the sale of a large Murfreesboro Pike hotel and eight contiguous Midtown lots for a total of $22 million. The 90,767-square-foot hotel – which currently operates as a Best Western – sold for $11.8 million and the 1.27 acre Midtown lots are under contract for $10.2 million.
According to tax records, the hotel property was purchased in 2010 for just over $1 million and the commercial lots were purchased in 2015 for $1.6 million. The properties appreciated 1,045% and 536%, respectively.
The court-ordered auction – which arose from the dissolution of a business partnership – was managed by the Hendersonville office of Real Look, a company that specializes in managing the sales and disposition of government- and bank-owned properties and judicially-mandated property sales.
“We couldn’t have imagined the auction going any better, and the outcome proves just how hot the Nashville market is,” said Justin Ochs, Real Look’s vice president of national development. “We received nearly three times more inquiries on this auction than average, and this high interest resulted in incredible prices on both properties. With their versatile zonings, the properties will be extremely valuable to the Nashville economy however they are developed.”
Confirmation of the sale is subject to approval by a judge, and it is under the direction of Putnam County Chancery Court, Case #2019-26. Auction companies involved in the sale are James R. Cash Auctions and Amonett’s Eagle Auction & Realty of Cookeville.
About Real Look
Real Look provides comprehensive real estate services for marketing the sales and disposition of government- and bank-owned real estate, as well as real estate ordered sold by the justice system. Its clientele includes the US Department of Justice, the US Marshall’s Office and the FDIC and it operates from offices in Houston, Texas, and Hendersonville, Tenn. In 2019, Real Look assisted in the marketing of 453 properties for a total sales price of $152,284,796.