Vanderbilt University Buys More Midtown Nashville Property

Vanderbilt University has expanded its growing Midtown Nashville portfolio with the $66.9 million purchase of a shopping center, paying more than 10 times the price of its previous trade.

The university bought the Park Place shopping center, at 2817 West End Avenue, from a group of LLCs whose owners weren’t identified, the Nashville Business Journal reported. The property spans 3.23 acres and about 60,000 square feet, putting the price at $1,115 per square foot.

The seller acquired the four-parcel property for $5.67 million in 2005, the outlet reported, citing Metro records.

Vanderbilt will lease the properties back to the seller, the unidentified group of LLCs. The acquisition is part of Vanderbilt’s aggressive land-buying strategy in Midtown, where it has spent more than $260 million since 2019.

Tenants of Park Place include Chipotle, Ted’s Montana Grill and Great American Cookies. The nearly 60,000-square-foot center, built in 1985, also features office space. The site encompasses multiple addresses: 2817 and 2825 West End Avenue, as well as 108 and 110 29th Avenue South.

Vanderbilt has stated its Midtown acquisitions align with plans for future campus expansion and development.

It previously dropped over $193 million buying up real estate, per this list, compiled by the outlet:

Four parcels on 29th and 30th Avenues for $14.05 million (January 2023)
A former Qdoba building on West End Avenue for $12.08 million (November 2022)
A building at 2803 West End Avenue for $3.8 million (August 2022)
Over five acres, including a 21st Avenue Panera Bread, for $55 million (June 2021)
A Wendy’s on West End Avenue for $5 million (2020)
Three properties, including Redlands Grill, Holiday Inn, and a small office, for $103.1 million (2019)

Beyond Nashville, the university is pursuing developments such as a $520 million graduate school in West Palm Beach, Florida, and a 99-year lease for a campus in New York City.

—Rachel Stone