authors William Williams
A Chicago-based real estate investment company has paid more than $5.1 million for a warehouse property across from Capitol View and home to an industrial supplies business, according to a Davidson County Register of Deeds document.
GEM Realty Capital now owns the roughly 2.2-acre North Gulch property, located at 1021 Dr. Martin L. King Jr. Blvd. W.W. Grainger Inc. operates a Grainger Industrial Supply from the structure on the site. A Fortune 500 company founded in 1927 in Chicago, Grainger also was the seller, having acquired the then-raw land in 1992 for $447,943, according to Metro records. The company then had constructed on the site the warehouse, valued at the time at about $400,500.
GEM officials could not be reached for comment on their purchase. The company’s website suggest GEM, founded in 1994, solely invests in property and does develop sites.
The specific sales price is $5,361,000. Based on acreage, and assuming the nondescript warehouse eventually will be razed so that the site can be redeveloped with an urban project, the deal is the equivalent of about $56 per square foot, which is low for downtown property.
Of note, and according to a Metro permit, the warehouse sustained minor damage during the 1998 tornado. CSX Transportation once owned the property, which sits adjacent to Eleven North apartments. Across King Boulevard (Charlotte Avenue) is Capitol View.
The Post was unable to determine if brokers were involved in the transaction.
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