Home News Northwood Investors buy Nashville’s Fifth + Broadway for $715 million

Northwood Investors buy Nashville’s Fifth + Broadway for $715 million

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of global real estate investment firms Northwood Investors LLC Purchased 6.2 acres Fifth + Broadway Brookfield Properties acquired The Center on Tuesday for $715 million in one of the largest real estate deals in Nashville on record.

Northwood now owns the entire property, including 501 Commercial office tower and place residence.

In a news release announcing the acquisition on Wednesday, Erin Cannata, managing director of Northwood Investors, said: “As a mixed-use asset, all its elements work together and Brookfield has done a phenomenal job in developing it.

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“Northwood management looks forward to continuing the torchlight, engaging with the city and partnering with tenants such as the National Museum of African American Music, Alliance Bernstein, Twelve Thirty Club and Assembly Food Hall.”

Northwood has multiple holdings throughout the United States and Europe. Fifth + Broadway is now his fifth property in the company’s Nashville neighborhood.others Conrad hotel, capital view apartment, McEwen Northside complex and Franklin Park office tower.

Northwood didn’t immediately announce plans for Fifth + Broadway, an open-air mixed-use development that opened on Lower Broadway last year.

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The site includes 250,000 square feet of retail and entertainment space, the National Museum of African American Music, 367,000 square feet of office space at 501 Commerce St., 381 residential units, and over 2,000 parking spaces.

Officials say it attracts nearly 5 million tourists annually.

Acquisition funding included a $426.9 million loan from Pacific Life, according to the Davidson County Register of Deeds.

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Burgin Dossett, vice president of development at Brookfield Properties, said in a prepared statement: “While Brookfield has successfully recapitalized its assets in line with its overall investment strategy, we remain very interested in Nashville and are excited about its future.”

Frank Gluck is a Tennessean healthcare reporter. His contact is [email protected] Follow him on Twitter. @Frank Gluck.

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