Lower Broadway’s so-called Cotton-Eyed Joe Building has sold for $24.5 million.
A release does not include the buyer of the five-story building, located at 200 Broadway, and the Post has been unable to determine. However, the new owner seemingly is eyeing a rooftop deck and other updates (read here).
The seller was TAC 200 Broadway LLC — which includes Atlanta-based The Ardent Companies and entertainer and singer John Rich. That entity paid $18.5 million for the property in April 2019 (read here) and then listed the building for sale for $27 million in November of that year — the equivalent of almost $1,400 per foot. The sellers saw a roughly 32 percent return on their investment, the release notes.
Seth Harlan, a broker with locally based Robin Realty, represented the LLC in the sale of the property. The deal is the equivalent of almost $1,260 per square foot. The offering was the equivalent of about $1,385 per foot.
Since the beginning of 2018, buildings located in The District have commanded a range of per-foot prices spanning approximately $850 to $1,050.
Cotton-Eyed Joe, which has been closed for some time, offered clothing, records and souvenir.
Nashville-based Scott Sales Co. previously owned the building, having acquired it in 1993 for $1.25 million, according to Metro records. The company (known, in part, for distributing souvenirs) has its headquarters in Rutledge Hill.
Constructed in 1900 and sitting on 0.09 acres, the primarily brick building ranks among the larger structures in The District. It spans about 19,500 square feet and is located catty-corner from the building home to Rock Bottom Restaurant and Brewery.
The addition the past few years of country music-themed restaurants and bars — including, but not limited to, Ole Red and Luke Bryan’s 32 Bridge — have placed an increased spotlight on The District. Rich, who owns Lower Broadway theme bar Redneck Riviera, said the area’s bars and restaurants can record gross revenue of between $18 million and $23 million per year.
“America gives us the right to pursue our dreams and I have and will continue to do that right here in Nashville,” Rich said in the release. “As this great city continues to evolve, we welcome our new neighbors here on Lower Broad as they set forth on fulfilling their goals.”