US: Northwood Investors has purchased the Fifth + Broadway mixed-use development in Nashville for $715 million from Brookfield Properties.
Fifth + Broadway, recently developed and operated by Brookfield on the 6.2-acre Nashville Convention Center site, includes the 367,000 square feet 501 Commerce office tower, 381 apartment units in a residential campus known as The Place, and 250,000 square feet of retail and entertainment space, as well as parking for 2,000 vehicles.
The development, the largest mixed-use project in Nashville, also includes the 56,000 square feet National Museum for African American Music. According to Brookfield, since Fifth + Broadway was completed last year, the development — which the company says was “built for a post-COVID world with outdoor space, accessibility, safety and parking in mind”— has been visited at a rate that extrapolates to five million people per year.
The transaction was financed by Pacific Life.
The Fifth + Broadway transaction is the fifth acquisition for Northwood in the Nashville market. Other properties include the Conrad Nashville hotel, Capital View apartments, the McEwen Northside mixed-use centre and Franklin Park office towers.
“Fifth + Broadway’s energy and integration in the heart of downtown is unparalleled,” said Eric Cannata, managing director of Northwood Investors. “As a mixed-use asset, all its elements work together cohesively, and Brookfield has done a phenomenal job with its development. 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.”
