Originally reported in Chattanooga Times Free Press June 23rd, 2017 in Business Around the Region
A Chattanooga-based auction company said today it sold two state properties in downtown Nashville for $8,925,000.
Compass Auctions and Real Estate, which conducted the sale, said 30 parties registered for the auction. The winning bidder will remain confidential until after closing on or before Aug. 7.
Paige Holt, president of Compass Auctions & Real Estate, said the Nashville market attracted a lot of interest.
“Real estate in this market is in high demand, and a property of this size is a rare opportunity,” she said.
The properties, located at 450-460 James Robertson Parkway, include 2-plus acres located on the north side of James Robertson Parkway and Gay Street, with frontage on the south side of Fourth Avenue North.
“We are extremely pleased with today’s auction,” said Justin Ochs, vice president of national development for Compass. “We believe our national marketing efforts attracted the most qualified pool of buyers for this particular asset and are honored to have performed the auction on behalf of the state of Tennessee.”
The location is zoned in order to encourage a mix of compatible land uses that provide opportunities to live, work and shop downtown.