Magnolia Investment Partners Lists Nashville Office Asset

An office building at the doorstep of the hotly anticipated Nashville Yards development hit the market for $34 million.

Owner Magnolia Investment Partners is offering the 90,000-square-foot building at 810 Broadway for $388 per square foot, the Nashville Business Journal reported. Cushman & Wakefield’s Crews Johnston, Charlie Gibson and George Mullowney are handling the listing.

The building is recognizable for its red “Morgan & Morgan” signage. The law firm has long been the building’s anchor tenant, but it is moving to a 19,500-square-foot space in One Nashville Place. All of the building’s office tenants are expected to relocate by July next year, according to the listing. That is strategic timing, as the firm wanted it to be unencumbered when Nashville Yards comes online, Magnolia Managing Partner Ben Bonner, said.

Southwest Value Partners’ 19-acre Nashville Yards development is expected to open soon at 901 Church Street, a couple of blocks away. The building is also near the Lower Broadway tourism district and the Southern Baptist Convention headquarters, at 901 Commerce Street, which is soon to be up for sale.

Marketing materials suggest that the new owner might consider converting 810 Broadway into apartments, a hotel or restaurant space — a shift that reflects Nashville’s growing demand for mixed-use developments in high-profile locations.

Magnolia Investment Partners, based in Nashville, purchased the 0.4-acre site for $16.5 million in 2021, roughly $188 per square foot. The listing price reflects the rapid appreciation in Nashville’s real estate market over the past few years.

Nashville has seen record-setting real estate transactions recently. Arizona-based Fundamental Income Properties paid $16.25 million for a 2,178-square-foot surface parking lot in July. At $7,461 per square foot, it was one of the city’s highest per-square-foot land deals to date.

—Rachel Stone