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Taylor Preston's 600 Middleton LLC Acquires City Winery Nashville Property For $21M

Property Image
SOLD
$21,000,000

Tennessee

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Retail26,000 SF
Sold 12/15/2023
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Property Image
SOLD

Taylor Preston's 600 Middleton LLC Acquires City Winery Nashville Property For $21M

600 Middleton Street

See Similar Deals
Retail26,000 SF
Sold 12/15/2023
the dealplayerscompscontact
Contact now

Summary

TENNESSEE
Asset Type:Retail
Price Per Square Foot:$807
Total Square Footage:26,000 SF
Transaction Type:Sale

The Pie Town property located at 600 Middleton Street in Nashville, TN has been sold for $21 million. The buyer, Taylor Preston, through his LLC 600 Middleton LLC, completed the purchase. The property is a retail asset spanning across 1.26 acres with a total square footage of 26,000. The sale price per square foot was $808.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $21,000,000
  • Address: 600 Middleton Street, Nashville, TN
  • Market: Nashville, TN
  • Acres: 1.26
  • Square Footage: 26,000
  • Buyer: Taylor Preston
  • Seller: City Winery Nashville LLC
  • Lender: First Commerce Bank
  • Price per Square Foot: $808

Local real estate investor Taylor Preston's LLC, 600 Middleton LLC, secured a $16 million loan from First Commerce Bank to complete the purchase of the Pie Town property. This transaction marks a significant milestone for Taylor Preston in expanding his real estate investment portfolio.

Players

First Commerce Bank
First Commerce Bank
LENDER

Details

SOLD
IMAGE: 12/15/2023 ADDRESS: 600 Middleton Street MARKET: Nashville, TN ASSET TYPE: Retail ~ ACRES: 1.26 BUYER: Taylor Preston SELLER: City Winery Nashville LLC LENDER: First Commerce Bank SALE PRICE: $21,000,000 SF: 26,000 ~ PPSF: $808 NOTE: The Pie Town property housing City Winery in Nashville has been sold for $21 million, with local real estate investor Taylor Preston's LLC, 600 Middleton LLC, completing the purchase and securing a $16 million loan from First Commerce Bank.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,120,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$74,608.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$99,550.71
Annual Debt Service$1,194,608.56