One of Cool Springs’ in-demand and undeveloped land areas is no longer available in the market.
The 145-acre property, called Pickering, was purchased by SouthStar LLC. Situated in Franklin’s Interstate 65 passage, the site is considered the largest undeveloped family-owned real estate in the area. McArthur Sanders Real Estate President, Tom McArthur Jr., took care of the transaction and confirmed that the property was sold for $25M.
McArthur mentioned that there had been significant interest in property in the Southeast and that they had received a number of calls about the property.
The SouthStar’s offer was the highest for the land. McArthur stated how remarkable it was for the buyer to come up with the financing in 120 days in order to purchase the land.
The property is located along Carothers Parkway and McEwen Drive, southeast of the Nissan headquarters.
SouthStar CEO Glenn Wilson could not be reached for comments regarding the deal however McArthur stated that the company is more likely to use the site for various purposes, including for residential home. Residential developments would probably be in the multifamily variety.
McArthur mentioned that the company has been working on their plans for the site for the past 4 or 5 months.
According to the records of county property, the company divided the land into two equal parts. One part, which is valued at $15M, is owned by Highwood Realty Limited Partnership. For the other part, SouthStar has established a restricted liability company.
The city of Franklin conducted a traffic study, which suggested that the area could be among the busiest in the state when it comes to vehicle traffic. The study had projected that by 2025, assuming the empty land is turned into a complete development, 80,000 vehicles will be traveling through the area everyday.
A Vanderbilt University medical complex and a new Columbia State Community College campus will also soon be constructed in the area.
Another piece of land about 15 acres from the original Pickering family property is also under contract and listed for $8.3M. The land is situated alongside the Vanderbilt site.
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