The global real estate investment firm of Northwood Investors LLC bought the 6.2-acre Fifth + Broadway center from Brookfield Properties for $715 million on Tuesday in one of Nashville’s biggest real estate deals on record.
“We feel that Fifth + Broadway’s energy and integration in the heart of downtown is unparalleled,” said Managing Director of Northwood Investors Erin Cannata in a Wednesday news release announcing the purchase. “As a mixed-use asset, all its elements work together cohesively, and Brookfield has done a phenomenal job with its development.
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“Our Northwood management team is excited to carry on the torch, engage with the city and partner with tenants like The National Museum of African American Music, AllianceBernstein, The Twelve Thirty Club, Assembly Food Hall and more.”
Northwood has multiple holdings throughout the U.S. and Europe. Fifth + Broadway is now the firm’s fifth Nashville-area property. The others are The Conrad hotel, Capital View apartments, the McEwen Northside mixed-use center and Franklin Park office towers.
Northwood did not immediately announce what plans it has for Fifth + Broadway, an open-air, mixed-use development that opened on Lower Broadway last year.
The site has 250,000 square feet of retail and entertainment space, the National Museum for African American Music, 367,000 square feet of office space at 501 Commerce St., 381 residential units and more than 2,000 parking spaces.
It attracts nearly 5 million visitors a year, officials said.
Financing for the acquisition included a $426.9 million loan from Pacific Life, according to the Davidson County Register of Deeds.
‘This was the city’s goal’:Fifth + Broadway not only attracting tourists, but locals, too
“Fifth + Broadway is a thriving mixed-use complex, and we are very proud of its development and success as a major destination in and economic driver for Nashville,” said Burgin Dossett, vice president of development for Brookfield Properties, in a prepared statement. “While Brookfield has successfully recapitalized the asset in line with its overall investment strategy, we remain very interested in Nashville and excited about its future.”
Frank Gluck is the health care reporter for The Tennessean. He can be reached at email@example.com. Follow him on Twitter at @FrankGluck.
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