Amstar Sells Nashville Parcel to First Farmers & Merchant Bank for $1.65M
Cool Springs, TN (June 30, 2010) – Amstar today announced the sale of a pad parcel at its McEwen master-planned development in Cool Springs, TN, near Nashville. The 1.5-acre pad will be developed as a new 3,500-square-foot bank branch for First Farmers & Merchant Bank (“First Farmers”). First Farmers paid approximately $1.65M for the site and was represented by Realty Corp.
Amstar, in partnership with Southern Land Company, owns the balance of McEwen and remains active in developing the 90-acre site strategically located in the heart of Cool Springs. In addition to the First Farmer’s development, Amstar and Southern Land developed two class “A” projects at McEwen including McEwen Place, a 175,000-square-foot office building, and Dwell, a 258-unit multi-family community; both projects are nearing stabilization. Amstar and Southern Land are under construction on a 45,000-square-foot Whole Foods store with an expected grand opening during the second quarter of 2011. Additionally, Amstar and Southern Land are advancing entitlements for a 114-unit multi-family expansion of Dwell that is tentatively scheduled to break ground during the first quarter of 2011.
“We are extremely pleased to welcome First Farmers as a corporate neighbor within McEwen. They have been a pleasure to work with and their facility should do well in serving the needs of our existing community of residents and office and retail customers, which continues to expand,” said Amstar Executive Director Doug Wiley.
Established in 1987, Amstar is a real estate investment manager that offers both commingled funds and tailored separate accounts to its international and domestic clients. With more than $1.65 billion of assets under management, Amstar’s current portfolio consists primarily of office, hospitality, and multifamily holdings within the major markets of the United States and select markets in Europe and Latin America.
About Southern Land Company
Southern Land Company is Franklin, TN-based national mixed-use developer with expertise in the creation, design, and construction of single family, retail, commercial, and multi-family communities.