New Jersey buyer plans major redevelopment

Elmington Capital Group has sold for $33.5 million its Demonbreun Hill retail strip on Demonbreun Street near Music Row, a price that almost doubles the $17.7 million the Nashville-based company paid for the property in late 2013.

The buyer is Florham Park, New Jersey-based real estate firm Castle Rock Equity Group.

Elmington had planned a multi-phased, multi-building redevelopment of the site. The anchor building (pictured above) was to have included a grocery.

According to sources, Castle Rock is eyeing a major redevelopment of the site, the main building on which is home to multiple bars and restaurants.

“We are pleased to finalize the sale of Demonbreun Hill,” Cary Rosenblum, CEO of Elmington Capital Group, said in a statement. “In our conversation with the new property owners, we have been impressed with their commitment to working with the local community to address the issues that will inevitably come up in developing this important project.”