Miami real estate investor now owns art deco structure located on Church Street
- WILLIAM WILLIAMS
- JUL 6, 2022
A six-story art deco building located near Nashville Yards has sold for $25.5 million, according to a Davidson County Register of Deeds document.
The new owner of the building, with an address of 814 Church St. and home to short-term furnished apartments provider Sonder Dovetail, is an LLC affiliated with Frank Hessel. Seemingly based in Miami, Hessel in 2017 sold The Metropolitan Apartments (formerly Brixworth Apartments), located near Ascension Saint Thomas Hospital West, for $52.2 million (read here). He is listed as a board of directors member of Florida-based Flagler Bank.
The seller was Chicago-based Speedwagon Properties. In mid-2018, Speedwagon paid $13.75 million for 814 Church St. (which sits on 0.51 ares) and three vacant lots at 801, 813 and 817 Church St. The company in early 2021 sold for $12 million the trio of unimproved parcels (which have since been consolidated) to an LLC affiliated with Nashville-based development company Giarratana (read here).
Led by Tony Giarratana, the development company has been under construction at the 801 Church St. site with high-rise residential building Prime. Giarratana leases space in the just-sold 814 Church St. building related to both Prime and its also-under-construction Alcove at 900 Church St. (Read more here about Alcove and Prime.)
With the recent deal finalized, Speedwagon sold for a collective $37.5 million Church Street properties for which it paid $13.75 million four years ago (read here).
For the recent purchase, Hessel landed a loan, valued at $15.3 million, from Nashville-based FirstBank, a separate Metro document notes.
The Post was unable to determine if brokers were involved in the transaction between Speedwagon and Hessel.
Major work continues at mixed-used development Nashville Yards (read more here).