Nashville Post

Downtown parking garage sells for $17M

Downtown parking garage sells for $17M

Elmington sells structure known for murals

Downtown’s L&C Garage — recognized for its striking murals facing Fifth Avenue North — has sold for $17 million.

The buyer is an LLC that has an address of downtown’s UBS Tower. The Post was unable to determine the identity of the LLC of publication time.

The six-story parking structure offers 291 spaces and 127,000 square feet with an address of 144 and 148 Fifth Ave. N.

The seller was Elmington Capital Group, which acquired the 0.47-acre property in April 2015 for $7 million, according to Metro records. CBRE brokers Douglass Johnson, Morgan Hillenmeyer and Nicole Filkins represented ECG.

“Being located in one of the most parking-restricted areas of Nashville, L&C Garage is a primary parking destination for other surrounding office buildings like the L&C Tower and One Nashville Place, which makes it a tremendous asset in a CORE downtown location,” Johnson, CBRE senior vice president, said in the release.

Within a three-block radius of L&C Garage, which was built in 1967, are buildings with a collective 4.6 million square feet of office space, 1,227 residential units and 3,411 hotel rooms.

In addition to parking spaces, the property includes retail space facing Fifth and basement levels. Blush Boutique, a women’s clothing retailer, occupies the retail space. The Vinyl Bunker, a record store, had operated from an interior retail space but is permanently closed.

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