A California-based real estate investor has acquired a 0.34-acre parking lot in the North Gulch for $3 million, marking the latest addition to its growing Nashville area portfolio.
Martin and Martin Properties LLC paid nearly $203 a square foot for 130 12th Ave. N., a price that reflects rising land values in the North Gulch. The parking lot is used by patrons of Chauhan Ale & Masala House restaurant, which occupies a building around the corner that the Visalia, Calif.-based family-owned firm has owned for nearly a year and a half.
"It made sense, so we bought it," Josh Martin, a member of Martin and Martin and CEO of Emerald Real Estate Partners, said about purchase of the 0.34-acre parking lot, for which he added there are no current plans.
Rusty Dunn, who owns property in the North Gulch, called the parking site a great location. "You've got $300 million in development that's going (or is planned to go) up right around it," he added.
He was referring in part to Atlanta-based Pollack Shores Real Estate Group having construction underway nearby on a 367-unit apartment complex with 9,000 square feet of retail and a parking garage.
Also, last year, Texas-based Endeavor Real Estate Group paid $14.6 million, or $209 a square foot, for the former Nelson Mazda dealership site and an adjacent vacant lot at 12th and Broadway. Plans call for a Whole Foods grocery store along with apartments, restaurant and retail space.
More development could be headed for that area near 12th Avenue and Grundy Street.
The Tennessean recently listed its longtime 10-acre office property, including 1100 Broadway, for sale.
In March, guitar maker Gibson Brands put its 1.62-acre North Gulch real estate portfolio on the market, including half an acre at 1102 Grundy St. with a 24,080-square-foot warehouse building.
Among other local acquisitions, Martin and Martin paid $5.4 million for a 32,600-square-foot shopping center called The Marketplace at 7050 Charlotte Pike in April 2015. Just over three months ago, Emerald Real Estate Partners, which Josh Martin also runs, paid paid $58.2 million for the Cool Springs Commons office building in Brentwood.