Renasant Bank Finds Local Headquarters In Their Own Backyard

Challenge:

The 1820 West End Building was a 6,200 square foot building sitting on .37 acres on the corner of 19th Avenue North and West End in the Midtown area of Nashville. The property was being leased by Renasant Bank for their primary Nashville branch and headquarters. Stan Snipes help the prior owner purchase the property and sell it to a hotel developer for expansion. The developer decided that they would hold the property with the intent of eventually selling it to an office or multi-family developer. Thus, we were engaged by Renasant Bank to help them locate a new building or land to develop their new branch and local headquarters, while the developers searched for a buyer.

Solution:

After an exhaustive search throughout Nashville, we ultimately decided that the best and most cost effective approach to the bank would be to focus their efforts on the site of their existing branch. We approached the hotel developer whom we originally sold the building/land about the potential of selling to the bank for development of their new building. We were able to effectively negotiate a purchase price acceptable to both parties and solve each investor’s ultimate goals. In doing so, we were also engaged by Renasant Bank to locate a temporary headquarters for their office space while the new building was being constructed on their existing site.

Results:

• The developer was able to realize a strong return on their original investment.

• The bank was able to purchase land for their new facility without relinquishing the location of their original branch/headquarters to a potential competitor in the market.

• In 2014, Renasant Bank completed the construction of their new state of the art facility as evidenced above.