Northwood Investors Pays $715M for Mixed-Use Asset
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Fifth + Broadway is one of Nashville’s largest developments of its kind.
Northwood Investors has acquired Fifth + Broadway, a mixed-use, open-air property in Nashville, Tenn., for $715 million, according to the Nashville Post.
Pacific Life provided acquisition financing for Fifth + Broadway, which was owned and operated by Brookfield Properties. The mixed-use asset includes a retail component, The Place residences and the 501 Commerce office tower.
The property came online in 2021 and was delivered by Skanska USA. Brookfield Properties developed the property in partnership with OliverMcMillan and Spectrum|Emery Properties. The asset is considered one of the largest mixed-use developments in the history of Nashville, as well as Tennessee.
Located at 1221 Broadway, less than one mile away from Fifth + Broadway, a new office tower was recently completed by GBT Realty and Koch Real Estate Investments. The Class A building was designed by architecture firm Gresham Smith.
A revolutionary Nashville project
Designed by Gresham Smith and Gensler, Fifth + Broadway sits on a 6.2-acre site that replaced the Nashville Convention Center. The project includes a 250,000-square-foot retail and entertainment space, the 56,000-square-foot national Museum for African American Music, 367,000 square feet of office space, 381 residential units and 2,000 parking spaces.
501 Commerce is a 25-story LEED-certified office building that includes a fitness center, conference rooms and 952 parking spaces. The tenant roster features Polsinelli, K&L Gates and AllianceBernstein. The Place is a 34-story residential building. Amenities include a fitness center, spa, swimming pool, clubhouse and business center. The dining and retail center hosts tenants such as Assembly Food Hall, The Twelve Thirty Club, Carhartt, Ray Ban and Sephora, among others.
The center is located in the heart of the Arts District. The surrounding area includes several city landmarks, such as Country Music Hall of Fame and Museum, War Memorial Auditorium, Musicians Hall of Fame & Museum and the Walk of Fame Park.
Northwood’s office portfolio
This transaction marks Northwood’s fifth Nashville asset the company has invested in. Earlier this month, Ampersand Studios signed a lease for 26,124 square feet of space at 1030 Music Row, a boutique office Northwood recently acquired for $55.2 million. CommercialEdge data shows that the company owns three other office buildings in this market. Across the U.S., the company owns 65 office assets, of which 50 are Class A properties.