The majority of the United Artist Tower building on Music Row in Nashville, Tenn., was sold to developers who plan to convert it into a boutique hotel.
Investors led by Dickson, Tenn.-based hotelier Jay Patel paid $3.8 million for the first through eighth floors of Music Row's tallest building.
The property listing by brokerage firm Colliers International's Nashville office drew interest from multiple hoteliers and other developers, said broker John Gifford, who along with colleague Tom Davis represented selling entity Box Seat Properties in the transaction. No zoning change would be required to convert the building into a hotel.
Chip Kandrach and Bobby Buchanan of Adaro Realty represented buying entity Sai Ram 009 in the transaction, which doesn't include the ninth-floor, 6,000-square-foot penthouse and office space.
Frank Bryant, owner of that penthouse, office space and 12 spaces in the parking garage, said he has no plans to sell his portion of the building. He claims that the previous owner of the bulk of the building has denied him access to his penthouse.
The largely vacant 56,700-square-foot building was built as an office building and converted into condos in 2006. It has 137 parking spaces.