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The massive building last home to recently closed Park ‘N Fly and located near the Nashville International Airport has sold for $36 million, according to a Davidson County Register of Deeds document.
The new owner of the property, located at 565 Royal Parkway near the Interstate 40 and Donelson Pike intersection, is an LLC seemingly affiliated with Boston-based Longpoint Realty Partners.
The seller was Boron-Tennessee LLC, which seemingly is affiliated with Atlanta-based commercial real estate company Noro Management. The latter bought the property in 2014, and Park ‘N Fly itself bought it in 2017 for $9.2 million, Metro records show. In September 2020, Park ‘N Fly sold the property back to Noro (Boron) for $15.25 million. The two entities are affiliated with one another and it is unclear why they traded the property back and forth for increasingly higher prices.
The sale comes as Park ‘N Fly closed in December, with the company not having disclosed a reason (read here). According to the Park ‘N Fly website, the location opened in 2014. Previously, the 277,380-square-foot warehouse was used by publisher Thomas Nelson (read here).
The Post was unable to determine if brokers were involved in the deal.
In October 2017, Longpoint Realty Partners acquired for $4.9 million a warehouse that was, at the time, home to Second Harvest Food Bank and Vietti Foods Co. Inc. (read here). It later sold the property in May 2019 for $8 million.
The Longpoint website lists no Tennessee holdings.
My position with Nashville Post has evolved since 2000 when I began work with the now-defunct The City Paper. TCP became a Post sister pub in 2008 (when I began some Post work) and folded in 2013. I have worked mainly with the Post since late 2011.
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