NASHVILLE, Tenn., Oct. 22, 2019 /PRNewswire-PRWeb/ -- Thor Equities Group today announced it has closed on the acquisition of The Cannery, its first property in Nashville, for $32 million.
Located within the SoBro submarket of Nashville, the assemblage includes four brick-and-timber properties totaling over 110,000 square feet situated on nearly three acres. Thor intends to one day add an additional 500,000 square feet of mixed-use development to the expansive site. With a rich history dating back to the 1880s as a flour mill, the buildings have been repurposed for a variety of uses including creative office, retail, entertainment venues, and residential loft apartments. Tenants include treasured music venues the Cannery Ballroom, Mercy Lounge and The High Watt which are among the most recognized in Nashville's music scene.
"We are pleased to acquire our first asset in Nashville's vibrant SoBro district," said Chairman of Thor Equities Group, Joe Sitt. "Having emerged as a tech hub in recent years, the city has attracted a host of companies across all industries ready to capitalize on the talent base and take advantage of all the city has to offer. The live, work, and play lifestyle has thrived in Nashville and we are thrilled to enter the market with an acquisition that is emblematic of the city's culture."
South of the Central Business District and to the East of The Gulch, two of Nashville's most dynamic sub markets, SoBro is best known for multiple live music venues, top hotels, and some of the best dining and nightlife in Nashville. Major attractions include Music City Convention Center, the Omni Hotel, Pinewood Social, and the Schermerhorn Symphony Center.
About Thor Equities Group: Thor Equities is a leader in the development, leasing and management of office, industrial, residential, hotel and mixed-use assets in premier urban locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its US holdings, the company has assets in European gateway cities including London, Paris, Madrid, and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 18 million square feet. Thor maximizes returns for institutional investors by recognizing a property's potential, reducing operating expenses, increasing tenant satisfaction, leveraging market trends to maintain a long-term competitive edge. For more information, visit http://www.thorequities.com.
SOURCE Thor Equities
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