Marcus & Millichap : Net-Leased Asset on Lower Broadway in Nashville Tennessee Sells for $36 Million

NASHVILLE, Tenn., June 2, 2021 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 111 Broadway, a 50,303-rentable-square-foot, four-tenant building in Nashville, Tennessee. The property sold for $36 million, which represents $715.66 per square foot.

"The trophy nature of the asset attracted multiple buyers from throughout the investment property spectrum," said Glen Kunofsky of Marcus & Millichap. "We ran a very competitive process and ultimately secured the sale of one of the most prominent buildings in Nashville." Kunofsky and Christopher Urban represented the seller. Kunofsky and Anthony D'Ambrosia procured the buyer. "111 Broadway is located in historic Lower Broadway on Nashville's main downtown thoroughfare in one of the busiest tourist destinations and most visited retail corridors in the country," said Urban

The property is within walking distance of 5,000 hotel rooms built in the last five years and there are 1,100 more planned for the Nashville Yards project: the biggest development in the history of Nashville. The Nashville Convention Center, Bridgestone Arena, Music City Center, Nissan Stadium, Ryman Auditorium, and the Country Music Hall of Fame are nearby. Vanderbilt University, Tennessee State University, Nashville State Community College and Belmont University, which combined have 44,000 students, are within a seven-mile radius.

"The acquisition provides the buyer with a trophy net-leased asset with massive upside potential," added D'Ambrosia. The property's tenants are Rock Bottom Restaurant & Brewery on the first floor and rooftop, Margaritaville Vacation Club by Wyndham and Glen Campbell Museum are on the second floor and Platinum Companies occupies the third floor. Jody McKibben, vice president and regional manager of Marcus & Millichap's Nashville office is Marcus & Millichap's broker of record in Tennessee.

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About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.

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About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.