Nashville adaptive-reuse, mixed-use project lands new owner

ATLANTA, May 9, 2022 – JLL Capital Markets announced today that it has closed the sale of Stocking 51, a five-building, adaptive-reuse mixed-use project totaling 124,315 square feet of creative office and retail space in Nashville, Tennessee.

JLL represented the seller, Vintage South Development and procured the buyer, an institutional investor advised by Stockbridge.

Stocking 51 consists of five buildings located on a 6.17-acre site at 5026, 5016, 4900 and 4840 Centennial Blvd. and 1410 51^st Ave. North in The Nations neighborhood of Nashville, which is accessible to Greater Nashville and affluent executive housing via Interstate 40. The Nations has witnessed tremendous growth recently with average household incomes, average home prices and education levels increasing.

Originally built in 1927 as the Belle Meade Hosiery Mill, 5026 Centennial served as the inspiration for the adaptive reuse project, which now is a thriving, curated mixed-use environment satisfying daily amenity needs of tenants from coffee to lunch to fitness. Stocking 51 comprises roughly 63% creative office space and 37% retail. At 100% occupied, tenants include companies spanning the coworking, technology, financial services, interior design, fitness and restaurant industries.

The seller was represented by Senior Managing Directors Richard Reid and Ryan Clutter and Managing Director Huston Green of JLL Capital Markets along with Trent Yates of Sagemont Real Estate.

“Nashville is the nation’s leading economy seeing more than 80 people per day moving to the city and approximately 23,000 jobs created annually,” Reid said. “This is creating incredible demand for creative office space with rents increasing more than 18% in the last three years.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Vintage South is a real estate development firm founded in 2012 by Nathan Lyons in Nashville, Tennessee. Since inception, Vintage South has developed over 500,000 square feet of commercial space completed or under construction, over 100 residential homes, and (now) one golf course. For more information, please visit: vintagesouthdevelopment.com. 

Stockbridge is a private equity real estate investment management firm led by veteran industry professionals. The firm’s portfolio comprises assets across the investment risk spectrum, including core, value-add and opportunistic strategies. Stockbridge and its affiliates have approximately $28.0 billion of assets under management (as of December 31, 2021) spanning all major real estate property types and certain specialty property types throughout the United States. For more information, visit stockbridge.com.