A Nashville-based partnership has put Key East Shore assets up for sale at an undisclosed retail price, and Nissan Stadium’s dominance costs more than $9 million.
Formerly home to the Gray Line tourist transportation and bus company in Nashville, the approximately 2-acre assets have a 195 N. First St. front and are located north of the stadium at the intersection of First and Oldham Street. HS Partners GP acquired the assets in 2014 for $950,000, according to Metro Records. Subsequently, a construction was built to space the Gray Line Vehicle Maintenance Center.
Genuine Nashville-based real estate investors Carl Haley and Mike Shmerling shape society. In 2009, Haley founded the chauffeured transportation provider Grand Avenue. He then sold the company to Gray Line, which he joined as a board member and where he still serves. Chuck Abbott is the CEO of Gray Line.
After the March tornado, Gray Line designated triangle-shaped assets as surpluses. The company then re-does its on-site maintenance operations at a Dickerson Pike facility. Gray Line corporate offices are on a 20-acre site in Lebanon Pike.
Some homes in the East Shore region near Gray Line have sold for around $100, which equates to one foot equivalent to the acre in the last 12 months or so. As such, these downtown assets can total approximately $8.6 million. Little Harpeth Brewing and Clarion Hotel are nearby. On the other side of First Street are some other assets that were previously used through Gray Line but are not owned by HS Partners.
Assets are located in an opportunity domain designated through the federal government, which is explained as a low-income census site that provides tax incentives to developers and asset owners.
HS Partners recruited Henry Menge, Managing Director and Senior Broker of The Fifth Generation Property Co., founded in Nashville, to market and sell the property.
“This is an asset located in a Nashville redevelopment domain,” Menge said. “The extension of the site and its location in an opportunity domain will allow a long-term owner to put in place a number of possible methods for the assets.”