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Berry Hill site eyed for mixed-use building sells for $16.1M

Phoenix's Alliance plans project at Bransford Avenue property home to Mrs. Grissom's

NASHVILLE, Tenn. – Phoenix-based Alliance Residential Company has paid $16.1 million for a Berry Hill property long home to food product company Mrs. Grissom’s Salads Inc. and on which it plans a mixed-use building.

According to a Davidson County Register of Deeds document, the seller was Kenneth Funger, who serves as Mrs. Grissom’s CEO.

The 3.25-acre property is located at 2500 Bransford Ave.

As the Post recently reported, and according to a document submitted to the city of Berry Hill, the future four-story building will offer 218 one-bedroom and studio units and 84 two-bedroom residences. In addition, about 5,000 square feet of retail space will face Bransford Avenue.

To be called Broadstone Berry Hill, the 302-unit building will include a structured parking garage with 437 spaces and two courtyards (one with a swimming pool).

Nashville-based Catalyst Design Group is handling engineering and land-planning duties, with Atlanta-based Dynamik Design the architect, the document notes.

Stephen Keller, Alliance development director, declined to comment. However, a source said preliminary on-site work is already underway.

The sales price is the equivalent of about $114 per square foot, based on acreage, with the mark one of the higher such figures relative to similar deals.

Shane Douglas and Patrick Inglis, executive vice president/partner and senior vice president, respectively, of Colliers International Nashville, represented Funger. Alliance did not use a broker.

Relatedly, Alliance is now leasing apartments at its eight-story Broadstone SoBro, which sits on a 1.48-acre property at 804 Fourth Ave. S., across the street from live music venue 3rd & Lindsley. It is also undertaking a seven-story residential building at One City in Midtown.

The company’s 342-unit building in The Nations opened in late 2021. Of note, Alliance sold that property to Atlanta-based multifamily investment and management firm Cortland Partners for about $128.6 million in February.

 

Source: Nashville Post

Author: William Williams


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Having been involved in a variety of complex commercial real estate transactions over the last 15 years, Shane has vast experience helping clients achieve investment objectives when leasing, purchasing, developing or disposing of commercial real estate assets. Shane has been actively involved in negotiations totaling more than $500,000,000 in consideration over that same time period. His experience in the middle Tennessee real estate market, coupled with his client relationships and extensive network, allows him to serve clients in a way few others can in today’s competitive marketplace.


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