A small Midtown building last home to apartments and now accommodating a short-term rentals business has sold for $3.65 million — with the new owner a manufacturer of machines that make Mexican foods.
The sale comes about two years after the Post reported in June 2019 that the property, located at 1705 State St., had been listed for sale for $4.1 million. The new owner, according to a Davidson County Register of Deeds document, is an LLC affiliated with California-based JC Ford Company. That business announced in May it will be relocating its operations to Maury County, committing to a $30 million investment and the creation of 210 new jobs. (Read more here from Post sister publication Williamson Home Page.)
The seller was an LLC affiliated with multiple Nashville-based real estate investors, including Mark McDonald of M Cubed (who teams with Mark McGinley in the business). The investors paid $1.42 million for the property in October 2018, according to Metro records, and then overhauled both the interior and exterior.
Opened in 1960, the two-story modernist building that sits on the 0.2-acre site at 1705 State is home to a 14-unit short-term rental business called Sonder State House. San Francisco-based Sonder USA Inc. offers a major local presence (read here).
According to a source who asked to go unnamed, Randy Holland, senior investment advisor with Nashville-based Compass Commercial Real Estate and one of the investors, facilitated the transaction between the two parties.
Holland also represented JC Ford in its recent acquisition of two Maury County manufacturing facilities, the source said.
JC Ford produces high-speed corn tortilla production equipment and tortilla chip production lines. Its clients include Frito-Lay, General Mills and Tyson Foods, among others. Company officials were unavailable for comment regarding their reason for buying the Midtown hospitality services building.
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July 02, 2021 at 09:07PM
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