Real estate private equity firm Northwood Investors LLC recently announced its fifth acquisition in the Nashville market. The firm paid $715 million for the Nashville central business district, mixed-use development dubbed Fifth + Broadway. According to the Nashville Business Journal, this marks the largest commercial real estate sale recorded in Davidson County.

Developed and operated by Brookfield Properties, the property was completed in 2021 on the 6.2-acre site of the former Nashville convention center. The Fifth + Broadway open-air center is one of the highest-profile sites in town, as well as one of the largest single-phase developments to emerge out of Nashville’s recent building boom.

“Fifth + Broadway is a thriving mixed-use complex, and we are very proud of its development and success as a major destination in and economic driver for Nashville,” said Burgin Dossett, vice president of development for Brookfield Properties. “While Brookfield has successfully recapitalized the asset in line with its overall investment strategy, we remain very interested in Nashville and excited about its future.”

Fifth and Broadway office tower at 501 Commerce Street in the Nashville central business district. Property image courtesy of CommercialEdge

The Center City property encompasses: 250,000 square feet of Nashville retail and entertainment space; 501 Commerce — a 25-story high-rise with nearly 370,000 square feet of Class A downtown Nashville office space; the 56,000-square-foot National Museum for African American Music; The Place at Fifth + Broadway — a residential tower with more than 380 units; and more than 2,000 parking spaces.

“We feel that Fifth + Broadway’s energy and integration in the heart of downtown is unparalleled,” said Managing Director of Northwood Investors, Erin Cannata. “As a mixed-use asset, all its elements work together cohesively, and Brookfield has done a phenomenal job with its development. Our Northwood management team is excited to carry on the torch; engage with the city; and partner with tenants like The National Museum of African American Music, AllianceBernstein, The Twelve Thirty Club, Assembly Food Hall and more.”

Seamlessly integrated into the streetscape and cultural heart of downtown Nashville, Fifth + Broadway sees nearly 5 million annual visitors who benefit from intentionally designed, enhanced outdoor space, accessibility and safety.

Banking on the 24/7 destination city’s diversified economy, one-of-a-kind cultural authenticity, attractive cost of living and premier talent base, Northwood has reportedly spent more than $1 billion in acquisitions across the greater Nashville market since the start of 2020. The firm’s recent Nashville purchases include:

  • Capitol View — a 900,000-square-foot, mixed-use property that’s located in the North Capitol/ Sulphur Dell/Market District submarket and includes nearly 380 residential units, in addition to 50,000 square feet of office space; 60,000 square feet dedicated to retail; and a great variety of common area amenities.
  • Franklin Park — two 10-story Class A buildings — One and Two Franklin Park — totaling more than 550,000 square feet of office space in Franklin along the I-65 corridor.
  • 1 Music Circle South a five-story office property completed in 2019 that encompasses nearly 108,000 rentable square feet of Music Row office space and claimed more than $550 per square foot from Northwood when the sale closed earlier this year.
  • The Conrad — a newly constructed luxury hotel that’s part of the Broadwest development in the Midtown-Vanderbilt submarket. At the time of the sale, the Nashville Business Journal reported that the purchase price of $171 million marked the second-highest hotel sale recorded in Nashville. It was runner-up to the $329 million deal that saw the W Nashville hotel trade hands just a few months after its opening in October 2021.

“We feel Nashville is a high-growth market and one that we have been watching since 2011,” said President of Northwood Retail, Ward Kampf. “It’s an ‘it’ city for business and entertainment and Fifth + Broadway epitomizes Nashville — a world-class, generational asset that draws locals and tourists alike. We believe the attention to detail, aesthetics and connectivity are unmatched, making it a transformative catalyst for the fabric of lower Broadway.”

The office building at 1 Music Circle South in the Music Row – Vanderbilt Nashville submarket. Property image courtesy of CommercialEdge.

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