CBRE Brokers Sale of Nashville Suburb Landmark
- Nov 10, 2017
CBRE has facilitated the sale of the bowling building located at 517 Gallatin Pike N. in Madison, Tenn. The 28,357-square-foot property situated on 3.5 acres changed hands for $2 million. CBRE represented the seller, CBC Ltd., and Benchmark Realty represented the buyer, Frank May. CBC Ltd. is the original developer of the property and operator of the bowling alley.
Built in the late 1950s, the building hosted various tournaments, parties and local events until closing its doors five years ago. The property has been included on Historic Nashville’s “Nashville Nine” list. “The retro signage and mid-century details of the structure are landmarks in Madison,” said Mia Keller, associate with the CBRE Retail Investment Properties team in Nashville, in prepared remarks.
“We see great potential in the Madison bowling venue and location. We also plan to highlight the integrity of the property’s unique signage and building design going forward,” said May.
CBRE’s Keller and Paul Gaither represented the seller in this transaction. Stuart Wiston of Benchmark Realty worked on behalf of the buyer and is also acting as leasing agent for the property. “We have already had several inquiries from different interested users. I am truly excited by the possibilities of redeveloping this property,” said Wiston.
This year, CBRE also arranged the $19.3 million sale of an 86,118-square-foot research and development building in Fremont, Calif.
Image courtesy of CBRE