Nashville-based commercial real estate investment and development firm Elmington Capital Group has paid $7 million for downtown’s L&C parking garage.

The seller was L&C Garage LLC.

The garage, which is located near the northeast corner of the intersection of Fifth and Commerce Street, offers 305 parking spaces and is within the same block as the L&C Tower, which is currently undergoing $4.5 million renovation.  The address is 144 Fifth Ave. N., with the property spanning .24 acres.

Recently announced L&C tenants include Warby Parker, FoxFuel, and IQTalent Partners.

“We are excited about such a well located acquisition in the heart of Nashville,” Ryan Seibels, SVP for Elmington Capital, said in a release.

The acquisition follows EC’s 2014 purchase of 100,000 square feet of office space on the top floors of the downtown tower home to Renaissance Hotel. The space has been rebranded as CitySpace.

“With the CitySpace acquisition we have watched the demand for parking increase dramatically as downtown Nashville continues to draw more and more investment capital and new tenants to the area,” Seibels said. “We are excited to be investing significant capital to further enhance the marketability and functionality of the property.  We are confident the location will continue to be in high demand for years to come.”

Douglass Johnson and Steve Preston, brokers with the CBRE Nashville office, facilitated the transaction.

Debt financing was provided through Farm Bureau Life Insurance Company of Des Moines, Iowa.  The debt was sourced through Stephen Brink at First Southern Mortgage in Brentwood.

Nashville-based Premier Parking will manage the property.