JLL today announced the closing of the disposition of the widely recognized West End Summit site in Nashville. The JLL Southeast Capital Markets team of David Tennery and Noël Steinfeld led the transaction, along with JLL Americas Capital Markets President Jon Geanakos.
“After a great deal of consideration of how I could best move the West End site forward, the JLL strategy and marketing approach gave me confidence that I could achieve my desired level of pricing, while also seeing this highly visible and very valuable site developed in the manner that it deserves, and that I have envisioned for many years,” said Alex S. Palmer, CEO of West End Development. “Well beyond the capital piece, I have a great deal of heart and soul invested in the West End Summit site and know what this development can mean for the city of Nashville.”
Alex Palmer has controlled the site for 17 years. Many local and regional commercial real estate players as well as city planning officials have long sited the West End parcel as the key to effectively linking Midtown to the Gulch and Downtown. The site’s high-density zoning allows for a mix of office, hotel, retail, condominium and multifamily.
“We targeted a key and very select group of players that we knew had the experience to truly understand the power and timing of this unusually high profile mixed-use site,” said David Tennery, Managing Director with JLL.
The prominent 3.9-acre site is located at 1600 West End Avenue. The property has remained dormant for the past five years.
“With my West End Summit strategy now complete, I look forward to working with this JLL team and others as I continue pursue new investment and real estate opportunities in Nashville,” continued Palmer.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. AFortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion and fee revenue of $6.7 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
