The Lower Broadway building home to iconic retail business Ernest Tubb Record Shops has sold for $18.3 million — more than three times the figure for which it changed ownership hands 24 months ago.
The new owners of the three-story structure are Nashville-based real estate investor and developer Brad Bars, Dale Tubb (Tubb’s grandson) and Ilya Toshinskiy, a Russian-born and locally based musician.
The seller was an LLC affiliated with JesseLee Jones, who has owned Lower Broadway’s Robert’s Western World for 23 years. In August 2020, Jones bought both the building and the record shop business, located at 417 Broadway, for $4.75 million from long-time friend David McCormick (read here).
For context, McCormick acquired the building and the 0.08-acre parcel on which it sits in 1992 for $128,000. Ernest Tubb Record Shops ("shops" is often seen spelled as "shop") began operations in 1947 and has been located at its present site since 1951. The store specializes in hard-to-find CDs, DVDs, books, songbooks and vinyl LPs, according to its website.
Of note, Jones is a member of roots music group Brazilbilly, the house band at Robert’s Western World. He owns the 416 Broadway building home to Robert’s.
Bars, Tubb and Toshinskiy also bought the assets of the record store business for an undisclosed sum. Blake Bars, an attorney with the Nashville office of Louisville-based Frost Brown Todd and a Brad Bars relative, represented the buyers.
The deal is the equivalent of a approximately $2,000 per foot based on the structure's size — a figure in line with those numbers of similar recent deals (read here).
Bert Mathews and Lance Bloom — president and senior vice president, respectively, of the Colliers International Nashville — represented the selling LLC.
In March, the aforementioned Toshinskiy paid $2,725,000 for a modernist structure, located downtown at 600 Fourth Ave. N. and that last accommodated Jenkins Bonding Company (read here).
Toshinskiy has recorded with Keith Urban, Kenny Rogers, The Judds, Blake Shelton, George Strait, Brooks & Dunn, Steven Tyler and Thomas Rhett, among others. Born in Obninsk, Russia, he is proficient on both guitar and banjo and is known, in part, for his bluegrass work.
A singer and songwriter, Ernest Dale Tubb was also known as the Texas Troubadour and was considered a country music master. He died in Nashville in 1984.