Historic downtown structure sells for $8.4M
The Pilcher Building to be home to various local companies
A local entity led by businessmen David W. Creed and Ryan Chapman has acquired an historic downtown building, with the two men eventually to move their respective businesses to the structure.
Creed (president of real estate development company Creed Investment Co.), Chapman (president of Premier Parking) and some silent investors paid $8.4 million for The Pilcher Building, located at 144 Second Ave. N. The team created Pilcher Building Partners LP for the acquisition, Creed said.
The seller was Pilcher Partners LP, which acquired the property in 1992 in a quitclaim deal for which no dollar value is listed in Metro documents.
"We are pleased to own this impressive piece of architectural history and to have the opportunity to breathe new life into a property so significant," Creed said.
Previously, Atlanta-based Ardent Cos. reportedly had the property under contract, with that deal failing to materialize.
The building, currently used for offices and offering four above-grade levels and a basement, opened in 1906.
Creed said the team will give The Pilcher Building a major renovation. Nashville-based Perkins Construction will handle the work. (Click on View Gallery in the above photo to see additional images.)
"Beginning in June, we will begin a significant redevelopment of The Pilcher Building that will include taking the building back to shell condition,” said Creed, adding the team is not disclosing the cost to undertake the improvements.
“Hidden behind The Pilcher Building's walls are gorgeous stone, brick and timber beams that will serve as the base for state-of-the-art improvements, including a new mechanical system, energy efficient upgrades and exterior modifications with great attention to historic detail."
Creed said that by January 2018, all current tenants will have moved.
Creed Investment Co. operates from the Ramparts Building in Brentwood. Premier Parking has its offices in the Cohen Building, located near The Pilcher Building and within the 400 block of Church Street.
Creed said his company, along with Brentwood-based Snipes Properties and the aforementioned Perkins Construction, will take approximately 4,000 square feet in roughly one-half of a floor within the building, with Premier Parking to take about 5,400 square feet.
Creed said Snipes Properties, led by Stan Snipes (a long-time Creed friend and business partner) will handle marketing, leasing and management of the building.
"We will soon begin searching for tenants, including a bar or restaurant user for the 7,500-square-foot lower level that is complete with high ceilings and historic stone walls,” Creed said.
“The ground floor and second floor will be available for a retail use and offers both Second Avenue access as well as views of the Cumberland River. The two upper floors will serve as open creative office spaces, complemented with the original brick walls and timber beams."