Nashville, TN – Utah investor buys redeveloped historic former Melrose theater
From The Tennessean: An affiliate of a Utah-based real estate investment company is the new owner of the apartments and retail space at the redeveloped historic former Melrose theater in Berry Hill.
Salt Lake City-based Cottonwood Residential paid an undisclosed price for the seven-acre property at 2600 Franklin Pike.
The purchase included the 220-unit The Melrose apartments and more than 26,000 square feet of fully leased retail and restaurant space with Sinema, The Sutler Saloon, Fenwick’s 300 and beauty salon Lunatic Fringe as tenants.
“It was an exciting project for the Parkes and the Fulchers to be able to redevelop this iconic property and restart the development of the Melrose area,” said Joe L. Parkes Jr., president of Franklin-based Parkes Development Group.
Along with Ed and Mary Fulcher of Nashville-based Fulcher Investment Properties, Parkes redeveloped the former 1940s-era movie theater and bowling alley space into the mixed-use development that Cottonwood Residential just bought.
Parkes said proceeds from the sale will help to fund the construction he and the Fulchers along with co-investor Cottonwood Residential have underway on a second phase of The Melrose development that’s expected to include 139 apartment units and 8,500 square feet of retail space.
That 1.2-acre site at the southeast corner of Franklin Pike and Kirkwood Avenue includes the former Regions Bank branch at 2610 Franklin Pike and former fabric store location at 2608 Franklin Pike. Regions Bank will move back into a portion of that new mixed-use building.
The sale of the first phase of The Melrose development comes shortly after The Sutler’s owner, restaurateur Austin Ray’s A. Ray Hospitality, took over the lease for the basement space at the historic former theater where Melrose Billiards has been the longtime tenant. Melrose Billiards will close at the end of this month with Ray planning a similar concept to replace that pool hall dive bar, which has been a fixture in Berry Hill’s Melrose area for more than 70 years.
In the Nashville area, Cottonwood Residential’s portfolio of owned and/or managed apartment complexes 1070 Main in Hendersonville and Cason Estates in Murfreesboro.
Among other Nashville area projects, Parkes was co-developer along with Oldacre McDonald of the Nashville West shopping center in West Nashville.
Story link: http://www.tennessean.com/story/money/real-estate/2016/09/06/utah-investor-buys-redeveloped-historic-former-melrose-theater/89917822/
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