PERMIT PATROL: 15 OCTOBER 2018
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- 15 Oct, 2018
Work underway at WeHo office building, downtown Hyatt, east side vegan bakery
The Wedgewood-Houston property home to general contracting company Carter Group is prepped to see construction start on a three-story replacement building.
A permit, valued at $2.87 million, will allow for construction of the building’s shell.
The existing structure that houses the longstanding local business stands two stories and has an address of 517 Hagan St. It will be razed.
Melissa Pickney, Carter Group business development coordinator, told the Post in mid-September the company is eyeing a roughly 12-month construction timetable.
In addition to Carter Group, the planned building will be to home to two tenants, making it fully preleased. Pickney said the company is not ready to disclose the two future tenants or the cost to undertake the project.
Nashville-based Centric Architecture has designed the building for Carter Group, which had operated from the existing building since June 2009 and is now in a temporary space located at 2311 Kline Ave.
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The Five Points-area building long home to Family Dollar has been sold for $2 million.
Nashville-based Magnolia Capital Investments was the buyer. Ben Bonner, Magnolia Capital president, told the Post the company plans to continue to use the building for retail purposes and is looking to rent the space. Family Dollar ceased operations last week.
Family Dollar Stores of Nashville TN was the seller. The acquisition follows Magnolia Capital’s recent $12.6 million purchase of the Green Hills building last home to Nashville-based prison management company CoreCivic Inc.
Constructed in 1986 and spanning about 6,750 square feet, the nondescript Five Points brick building has an address of 1000 Woodland St.
“We believe in the real estate and the neighborhood, and are excited to be a part of Five Points,” Bonner (pictured) said, adding some upgrades are planned. “This property fits well with Magnolia’s strategy to purchase well-located real estate in core and emerging submarkets.”
Austin Benedict and John Maxwell, brokers with the Nashville office of CBRE, represented Magnolia in the acquisition and will also rep the company in finding a tenant.
Family Dollar Stores of Nashville TN acquired the 0.56-acre property from Exxon Corp. in October 1985 for $100,000. That entity is affiliated with Charlotte-based Family Dollar.
Sources said the closed Family Dollar will not reopen within the area.
