Raising Cane’s founder Todd Graves has added a 26,300-square-foot Margaritaville building in Nashville to his growing portfolio.
The fast-food billionaire purchased the three-story property at 322 Broadway in a deal valued at $75 million, the Nashville Business Journal reported.
At a sales price of $2,870 per square foot, the deal eclipses previous records for Lower Broadway properties. For comparison, the Ernest Tubb Record Shop sold for $2,000 per square foot in 2022, and Dierks Bentley’s Whiskey Row fetched $2,400 per square foot that same year.
Corner Partnership, the Margaritaville property’s seller, acquired the site in 1991 for $145,000, according to Metro records. The group, led by seasoned developers Mark Bloom and Larry Papel, has been behind several transformative Nashville projects, including The Adelicia condominiums and theW Nashville hotel in the Gulch.
With demand for entertainment district real estate soaring, the Margaritaville transaction underscores the premium investors are willing to pay for prime locations. The property has been a cornerstone of Nashville nightlife since it opened in 2010.
The building will continue housing the Jimmy Buffett-themed bar and restaurant.
Graves has been making waves in Nashville’s real estate scene, with this latest purchase coming just months after he set the city’s condo record by buying a 4,000-square-foot penthouse condo in the Four Seasons Hotel & Residences for $15 million, or $3,750 per square foot.
With a net worth exceeding $9 billion, Graves has positioned himself as Louisiana’s richest person and one of the world’s 500 wealthiest people, according to Bloomberg.
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Another recent Nashville deal includes the sale of the 20-story Philips Plaza building, which was purchased by local investors Byran Fort and Taylor Preston for about $39 per square foot, a dramatic 85 percent drop from the $255 per square foot Wheelock Street Capital paid for the office property in 2019.
— Andrew Terrell