October 27, 2022 9:45 AM
Newmark announces the $66 million sale of 3.17 acres at 1401 Church in Nashville, Tennessee’s dynamic Midtown submarket. Newmark represented the seller, Dairy Farmers of America (DFA)—a farmer-owned dairy cooperative—in the sale to Bosa Development, a commercial and residential developer.
1401 Church is a former dairy factory currently zoned for a wide range of uses, including multifamily, office, hotel and retail, with a 5.0 FAR with bonus height potential. The site will be Bosa Development’s first project outside of the west coast. DFA previously acquired the property as part of its purchase of Dean Foods in 2020. Plans have been filed with Metro Planning to build a mixed-use development including three structures of 30, 35 and 45 stories.
Newmark Executive Managing Directors Tarek El Gammal and Vincent Lefler and Director George Schubert represented the seller. Executive Managing Director John Shaunfield, Director Kyle Jett and Vice Chairman Chris Murphy of Newmark’s Dallas office also provided transactional support.
Currently recognizable by its five storage tanks towering over Church Street, the property overlooks the inner-interstate loop with additional access on 15th Avenue and Grundy Street, making the future development highly walkable to current and future employers and amenities, such as the forthcoming Nashville Yards.
“This is a key piece of real estate in Nashville’s urban landscape. The Midtown submarket is transforming into a high-density continuation of one of the country’s most exciting urban developments, Nashville Yards,” said El Gammal. “Additionally, the property is a short distance to two of the other largest urban developments in our market—Hines’ 12-acre Reed and GBT’s Beaman properties, which will bring new life and amenities to this side of Midtown. Nashville will benefit greatly from Bosa’s introduction to the market with high-quality, innovative designs that will help to transform our skyline.”
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 6,500 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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