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