North Nashville developer Virgil Gordon sold 26 town homes he developed near Fisk University to a California investor for $2.6 million.
Gordon had developed the town homes as an affordable option for potential buyers.
"There were a couple that sold but nothing to get excited about," he said.
Gordon, a Fisk graduate, had planned to build 60 units in the North Nashville neighborhood near Fisk, investing $18 million in the area. The homes had been listed for $135,000 to $150,0000.
He said with the residential market being down, he told all to a single investor.
"It worked out well for him," he said. "It worked out well for us."
The investor borrowed $2.55 million through Tennessee Commerce Bank.
Instead of being sold, it looks like the town homes will be rental units. The deed of trust describes the properties as "26 newly completed rental homes."
Lowe's buys Whites Creek property
Lowe's Home Centers bought property in White Creek's retail development Nashville Commons for a little more than $3.5 million.
Construction is scheduled to begin on the 685,000-square-foot center later this year. Wal-Mart will be the other anchor in the center between Interstate 65 and Dickerson Pike.
Raleigh, N.C.-based Shopping Center Developers and Johnstown, Pa.-based Zamia Developers are developing the center.
Nonprofit leaving downtown space
The Rape and Sexual Abuse Center recently bought a 16,000-square-foot building in MetroCenter.
The nonprofit, now at 25 Lindsay Ave., acquired the building at 101 French Lick Landing from the Tennessee School Boards Association & Trustees Risk Management Trust for $2.5 million.
Clancy Hoban, a broker with Chas. Hawkins Co., represented the seller. Rob Lowe, Robby Davis and Whit McCrary, all brokers with Colliers Turley Martin Tucker, represented the buyer. And, the three donated $25,000 to the center.
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