Building on East Bank sold for 3 million

[smeagolsfree]

This is a partial article from the NBJ about the Leggett building which just sold for 3 million. Could this be the beginning of the East Bank construction process. The article does not disclose the buyer. In the print edition it is also not known if the building is going to be used for industrial use or some other. The building is just across form the Sounds stadium on the EB of the river.

The building also sits in an area that would be used as green space or a marina in the proposed EB revamp. Michael Hayes was quoted in the article and may be able to shed a little more light on this subject for us.

http://nashville.bizjournals.com/nashville.../11/story2.html

[Hankster]

This is a partial article from the NBJ about the Leggett building which just sold for 3 million. Could this be the beginning of the East Bank construction process. The article does not disclose the buyer. In the print edition it is also not known if the building is going to be used for industrial use or some other. The building is just across form the Sounds stadium on the EB of the river.

The building also sits in an area that would be used as green space or a marina in the proposed EB revamp. Michael Hayes was quoted in the article and may be able to shed a little more light on this subject for us.

http://nashville.bizjournals.com/nashville.../11/story2.html

This is extremely interesting to me. I'd be willing to wager something good will come of this. Michael, where are you?

[hayesmw]

There really is no news here.

It has not sold, to the best of my knowledge. It could and should be under contract though. I had an interest in the property and took a run at it, but as I did my due diligence, realized that most, if not all of this site would be future greenway under any scenario. It's a long skinny lot paralleling the river. I did not want to run up the price on the lot to make it more expensive for the city to buy, so I walked away as the price rose. If the sellers were reasonable tough and came back at the price I offered, I'd still do the deal I think, then use it for a few years as is before selling it to the city whenever the yare rady to get going. We had no intention of building on that site, and still would not build there. It should be greenway and park space. We wanted to buy it as a defensive move to make sure it was used as future greenway space. Now that the city is working on this plan, there is a decent chance that this will in fact happen.

The folks we were dealing with wanted the property to close by year end if not sooner. Expect to hear something in the next 3-4 months.

The building is horribly inefficient. It's about 350,000 SF of warehouse space, with no single area of the warehouse bigger than about 40,000 SF, most of it's carved in to 10,000-20,000 sf rooms with no dock doors. It would rent for about $1.50 PSF at best. Really a tough property to make work as is.I do not know who the buyer is or what the group plans to do. Sorry.

[smeagolsfree]

Glad you can shed more light on this. Maybe things can get jump started on that side of the river before long.