The Franklin Summit property along Interstate 65 and McEwen Avenue just sold for more than $20 million and was immediately resold for a few million more.
Foundry Commercial — a Nashville-based, full-service real estate investment company under Managing Director Don Albright since mid-2017 — represented property owner SS McEwen 65, LLC. in negotiating the sale of the 30.16 acres of land to One Summit LLC. for $21.5 million.
One Summit LLC seemingly resold the property for $25.5 million to an HCA Healthcare-related LLC, the Nashville Business Journal reported this afternoon. Foundry Commercial was not involved in the HCA purchase.
SS McEwen 65 bought the Franklin Summit property in 2013 for $8.25 million when the land broker was SouthStar, according to county records.
The woodland plain sits opposite Centennial High School and Drury Plaza Hotel Nashville-Franklin from I-65 and across the street from Homewood Suites by Hilton Nashville and Schneider Electric’s Nashville hub.
It is zoned for general commercial use and is mere blocks east of the walkable, mixed-use McEwen Northside campus, which is in its third development phase and houses headquarters for Mitsubishi, Omnia Partners and Regions. The zoning for Franklin Summit is entitled to over a million square feet of hospitality, office, restaurant and retail space spanning as high as eight stories.
“Situated in the heart of the Franklin’s Central Business District, Franklin Summit is one of the most prominent development sites in the Nashville area, featuring unparalleled visibility and access from I-65,” Foundry Commercial Managing Director Don Albright said in a release.
Albright personally represented SS McEwen 65 in executing the sale with the support of Foundry’s investment advisory group, which counsels clients on 1031 exchanges, acquisitions, asset dispositions and recapitalizations for any and all commercial and residential real estate.
SouthStar, never owning the property, once claimed it would develop 1 million square feet onsite with office space and 250 hotel rooms, but as of 2019, SouthStar reneged on that commitment and opted to sell it instead. At the time, SouthStar was pursuing a rezone for the property to allow for taller buildings. Foundry Commercial’s property brochure claims that the current zoning permits up to 12 stories of commercial product.