Investors Raising Funds to buy Carl Icahn’s Nashville Scrapyard

A group of local investors is working to raise $350 million to purchase Carl Icahn’s East Bank scrapyard in Nashville, a key piece of the city’s ambitious redevelopment vision for the area.

Veteran real estate investor J. David Byerely and former Nashville Entrepreneur Center president Samuel Lingo established a fund in September for the 45-acre site at 710 South First Street, the Nashville Business Journal reported.

The minimum investment is $250,000, and there is a possibility that the fund could close before reaching the $350 million goal. Other key figures involved in the fund include Rosemary Calcese, an attorney with Transformation Title & Escrow.

The group’s collective experience and local ties should play a crucial role in raising the capital needed for the purchase.

The property has been a focal point in Nashville’s vision to revitalize the East Bank area. The site is near prominent developments such as Oracle’s planned tech campus and the new Tennessee Titans stadium.

The site has been leased to SA Recycling, but is seen as a prime piece of real estate that could be transformed into a mixed-use hub. This sale is of particular interest to local developers and city officials eager to unlock the potential of the East Bank region.

Icahn Enterprises had planned to auction the property in September. Instead, the sale is proceeding through a traditional transaction. The asking price has not been disclosed, but it is believed that Icahn is seeking a minimum of $200 million for the site. CBRE’s Byran Fort and Frank Thomasson are managing the sale process.

The pending sale follows a challenging year for Icahn Enterprises, which has faced operational difficulties and a significant drop in stock value. Those struggles have heightened the company’s need for liquidity, and the sale of the scrapyard could be a step to alleviate financial pressures.

— Andrew Terrell