More ‘sold’ signs dot Music Row properties

Monday, June 16, 2008 at 3:03am

More Music Row property has been sold in what now seems to be a regular churn.

A New York entity named Guitar City Holdings bought the building that houses the SAE Institute of Technology for $3.3 million. The seller was Siasconset Properties.

Guitar City borrowed $2.3 million through Merrill Lynch Commercial Finance Corp.

SAE is a school that trains recording engineers and has grown quickly in the location.

Since the beginning of the year several Music Row properties have changed hands and more are expected.

Foreclosed apartments have new owner

A California investor has bought the White Oaks Apartments at 5610 Old Hickory Blvd. in Hermitage for $12.5 million.

Entities named Green Leaf Hermitage and ABCH Associates bought the 260-unit property as a tenant-in-common. The sponsor appears to be RCMG Real Estate Advisors in San Ramon, Calif.

The firm’s Web site states it focuses on buying apartment properties in the Southeast, initially starting in South Carolina and Georgia.

CWCapital Asset Management of Washington, D.C., foreclosed on White Oaks in January 2007. Nashville-based Freeman Webb Co. was hired to lease and manage property to stabilize it but isn’t involved with it under the new ownership.

Corcoran/Maddox sell property

Nashville real estate investors Jim Maddox and Tom Corcoran sold a 10-acre vacant parcel at Old Hickory Boulevard and Sells Drive for $3 million.

Property records show that Deloitte Services bought the property.

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Filed under: City Business