Development

Skyscraper opened in early 2018, also features condos

The apartments and retail spaces in downtown-based skyscraper 505 are now for sale for an undisclosed asking price.

Nashville-based Giarratana LLC developed the site, which has an address of 505 Church St., with the 45-story high-rise. 505 Property Co. LLC owns the property and Tony Giarratana is a partner in the LLC.

The LLC has enlisted the Nashville office of Chicago-based JLL to handle the marketing and sale of the residential and retail spaces, with brokers Vince Lefler and Tarek El Gammel overseeing the effort.

Of note, real estate assets such as 505 are typically offered for sale without specified asking prices.

Specifically offered for sale are the tower’s 350 apartment units (140 of which are leased by short-term rental entity Stay Alfred) and about 10,800 square feet of retail within three spaces collectively.

Opened in January 2018, 505 sits at the southwest corner of the intersection of Fifth Avenue and Church Street, which many locals consider the epicenter of Nashville’s central business district. It stands about 525 feet, making it Tennessee’s tallest building in terms of usable space (the AT&T Tower, at 617 feet, is the state’s tallest but derives some of its height from decorative spires).

With about 436,600 square feet of total floor space, 505 also includes 177 condominiums, an amenity deck and 690 parking spaces. The architect was Chicago-based Solomon Cordwell Buenz, with the tower having been constructed at a cost of about $169 million.

505 Property Co. also has enlisted Elam Freeman, a broker with Nashville-based Baker Storey McDonald Properties, to market and lease the three retail spaces.

“505 presents a rare opportunity for investors to deploy capital with scale into an irreplaceable property located in one of the fastest growing CBDs in the U.S.” Lefler said in the marketing materials. “Investors have the opportunity to acquire a legacy core asset at an attractive basis compared to other key Sunbelt markets, making 505 one of the most compelling acquisition targets in the nation.”

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