The downtown building housing the closed The George Jones museum, restaurant and bar has sold for $28.5 million — only seven months after it changed ownership hands for $21 million.
According to a Davidson County Register of Deeds document, the new owner of the three-story brick building — located in The District at 128 Second Ave. N. and home to no tenants — is a partnership comprising Atlanta-based The Ardent Companies and local real estate investor Jeffrey Welk.
The seller was a partnership comprising both out-of-town real estate investors and local investors and developers Mark Bloom and Larry Papel. That partnership acquired the building for $21 million in December 2021 (read here). The seller in that transaction was Charlottesville, Virginia-based Possum Real Estate Holdings LLC, which paid $18 million for the building in November 2016, according to Metro records. That entity also had some ownership in The George Jones business.
With the building offering about 42,520 square feet, the most recent deal is the equivalent of approximately $670 per square foot — with per-foot deals recently undertaken within The District often commanding $750 or more.
A release notes the deal marks Ardent’ seventh transaction in downtown Nashville since the company purchased 312 Broadway in 2014. Collectively, Ardent has paid about $140 million for the properties involved in those deals.
Scott Werbel, Ardent managing director, and Welk, the grandson of the late band-leader and television personality Lawrence Welk, became acquainted when the latter purchased the ex-B.B. King’s Blues Club building at 150 Second Ave. N. from the former in October 2021 for $35 million (read here).
Ardent and Welk have finalized a lease with an unnamed tenant that will occupy the entire just-bought building, with the specific plans and name of that tenant to be announced at a later date, according to the release. Ardent and Welk also have landed a loan valued at $19.5 million from Georgia-based Colony Bank.
Lance Bloom, senior vice president with Colliers International Nashville, represented the sellers. Seth Harlan, broker with locally based Robin Realty Co., represented the buyers.