HomeNashville0.11-Acre Parking Lot Near Nashville’s Broadway Sells for a Jaw-Dropping $10.2M

0.11-Acre Parking Lot Near Nashville’s Broadway Sells for a Jaw-Dropping $10.2M

by TK Sanders
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Nashville’s real estate market continues to sizzle as two downtown honky tonk owners just sold a small off-Broadway parking lot for a record sum. Brenda Sanderson and Ruble Sanderson — who own The Stage, Legends Corner, and Second Fiddle — sold their 0.11-acre downtown surface property to a restaurant group for $10.2 million. According to a Davidson County Register of Deeds document, the transaction set a new record for price per square foot in the city.

Located one-half block north of Broadway, the 107 Fourth Ave. N. property sits tucked behind the current home of Dierks Bentley’s Whiskey Row. New owners TC Restaurant Group (TCRG), a hospitality conglomerate out of Ohio, also own Jason Aldean’s Kitchen + Rooftop Bar and Luke’s 32 Bridge Food + Drink, among others.

Previous owners the Sandersons reportedly paid $4.8 million for the property just a decade ago, according to Metro records and the Nashville Post. After a bit of quick math, the new deal nets out to about $2,100 per square foot, or $100 million per acre. Downtown Nashville deals have climbed up to around $1,500 per square foot in the past; but this deal just reset the market.

The Fourth Avenue parking lot’s square footage record is impressive, but a different Broadway property also set records recently for overall price

Another major downtown Nashville hospitality venture in the making involves one of the country’s biggest stars, a new multi-story bar, and a very hefty price tag.

Country music superstar Garth Brooks announced in April that he would lend his name (or really, the name of his most famous song) to a new Broadway “dive” bar called “Friends in Low Places.”

Set to open later this year, the “Friends” property (which housed Downtown Sporting Club and Paradise Park before it), sold to Brooks and his consortium for a cool $48 million in 2021. In 2017 the property sold for $27 million, meaning the value of the real estate nearly doubled in just four years.

“Garth’s long-standing commitment to Nashville is far beyond music. He has been so meaningful to our city,” Brooks’ business partner Strategic Hospitality said in a statement last year. “We couldn’t be more excited than to help him bring his concept to reality.”

And while the country music icon refused to confirm the project as it unfolded over the months leading up this year’s formal announcement, Brooks also dropped some very telling hints along the way for fans and future patrons.

“Things you probably shouldn’t say,” he admitted. “I’m gonna say, if you’re betting, kinda bet toward [the bar] happening because it’s just something coming in the future. But it’s gonna be done the way we do it.

“It’s coming in probably the next two years, three years. Because when you talk about Broadway, it’s the friends in low places right there. It’s the perfect place.”

Outsider.com