A Northeast-based commercial real estate company that paid $ 10 million for the South Nashville building once owned by local furniture retailer Ray Batts has now acquired a property in East Nashville – also for $ 10 million and for an important mark per foot.
According to a document from the Davidson County Deeds Register, Forstone Capital now owns the four plots, which offer addresses of 1218-1224-1236 Dickerson Pike and 5 Ligon Ave. and cover a collective of 3.3 acres.
The seller was a trust, for which ownership of the property apparently dates back to 1994, according to Metro records.
Based on square footage, the deal is equivalent to roughly $ 3.03 million per acre and $ 69.56 per foot, with both brands ranking among the highest a Dickerson Pike property sale has ever seen. For context, a recent sale at 1402 Dickerson brought in around $ 34 per foot (read here). At most, various recently sold Dickerson Pike properties have typically been over $ 50 a foot.
Forstone Capital is headquartered in Stamford, Connecticut, and the company’s website has a handful of development examples. Brett Wilderman and Brandon Hall founded Forstone in 2007 and have since acquired commercial buildings and land with a collective of over 1.1 million square feet, primarily in Connecticut and the South. They could not be reached for comment.
A source told the To post Forstone intends to redevelop the Dickerson Pike site.
On the other side of Ligon, St. Joseph Properties envisions a six-story building with retail on the ground floor, structured parking and five floors of residential units (read here). The company paid $ 1.2 million for the 1.09 acre property in July 2019.
Charlie Gibson, general manager of the local Cushman & Wakefield office, represented Forstone. the To post could not determine if the seller was represented by a broker.
The aforementioned purchase of South Nashville (read here) came after Forstone paid $ 12 million in late 2019 for a warehouse at 3040 Sidco Drive. Forstone also owns the Oaks Business Center at 2967-2977 Sidco Drive.