512 Gallatin Ave.


Brentwood-based development company GBT Realty has paid $3 million for an East Nashville property located four blocks north of Five Points.

Located at 1040 Maxwell Ave., the 1.2-acre property was once home to a Third National Bank and, later, a SunTrust Bank drive-thru. It offers an alternative address of 512 Gallatin Ave.

The seller was Truist Bank, the successor to SunTrust after the latter's late-2019 merger with BB&T. Third National paid $275,000 for the site in 1969, according to Metro records. Truist operates an office at 600 Gallatin Ave., one block to the north of the just-sold property.

GBT is in growth mode: The company is building ONE22ONE, a 365,000-square-foot mixed-use tower at 1221 Broadway, overlooking the interstate loop (read here), is underway on the mixed-use project Parke West on Murphy Road near West End Avenue (read here) and has a project planned for the Midtown site at the Elliston Place and West End Avenue split (read here).

Company officials could not be reached for comment about their East Nashville purchase and if brokers were involved in the transaction. (Nashville Post

Brentwood-based GBT Realty has landed a permit, valued at about $39.7 million, for its Parke West project under construction near the intersection of West End Avenue and Interstate 440.

The local office of Birmingham-based Hoar Construction is the general contractor, with the West End corridor project (pictured, with a construction photo seen via View Gallery) to offer an address of 110 Murphy Court. Nashville-based Gresham Smith is the architect.

First Horizon Bank is providing a $56.5 million construction loan for GBT's component of the roughly $100 million development, which will include a 172-room dual-branded Hilton Garden Inn and Home2 Suites Hotel. Parke West also will include a courtyard accessible via a nearby Metro Parks greenway, 11,000 square feet of ground-level retail (which is expected to feature a restaurant with outdoor seating) and 210 residential units.

The permit is for the residential component of the project.

GBT paid nearly $7.2 million for the site in mid-2019, according to Metro records. Recently, according to updated records, GBT sold to Chartwell the air rights for the hotel tower piece of the property for $6.45 million.

Read more here.

(Nashville Post)

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