Retail Strip Home to Two Bits, Tin Roof Sells for $33.5M

Retail Strip Home to Two Bits, Tin Roof Sells for $33.5M

A retail strip on Demonbreun Street has sold for nearly double what was paid two-and-a-half years ago.

New Jersey-based Castle Rock Equity Group paid Nashville real estate investment firm Elmington Capital Group $33.5 million for the 96,000-square-foot retail center, The Tennessean reports. Elmington paid $17.67 million for the property more than two years ago.

The property, which sits on 3.38 acres near Music Row, can accommodate up to 1 million square feet of buildings.

Castle Rock told The Tennessean it plans to maintain and improve the retail center. The group is also planning a larger entertainment development to be built in phases during the next several years.

“This location epitomizes the vibrant nightlife of the music industry. … We want to hone in on that spirit with each design and make sure that local establishments stay within the final footprint, as their character and identity are synonymous with Music Row,” Castle Rock’s chief executive Judah Angster said in a statement to The Tennessean.

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