Newswire Mann Report

Northwood Investors Acquires Nashville’s Fifth + Broadway

Fifth + Broadway (Photo via PRNewswire)

Global real estate investment firm Northwood Investors LLC announced today its acquisition of Fifth + Broadway, a newly developed 6.2-acre mixed-use, open-air center in Nashville, Tennessee. The property was developed and operated by Brookfield Properties (through its 2018 acquisition of OliverMcMillan), which completed construction in 2021. Northwood has purchased the property in its entirety, including its retail district, 501 Commerce office tower and The Place residences, from a subsidiary of Brookfield.

This latest acquisition marks the fifth asset Northwood has invested in within the city. Other properties include The Conrad hotel, Capital View apartments, the McEwen Northside mixed-use center and Franklin Park office towers. Most of Fifth + Broadway’s management team have transitioned to Northwood and will continue in their existing roles.

“We feel that Fifth + Broadway’s energy and integration in the heart of downtown is unparalleled,” said Managing Director of Northwood Investors Erin Cannata. “As a mixed-use asset, all its elements work together cohesively, and Brookfield has done a phenomenal job with its development.”

Fifth + Broadway is one of the largest single-phase mixed-use developments in the history of the city and the state of Tennessee. The downtown project, which replaced the 6.2-acre Nashville Convention Center site, delivers 250,000 square feet of retail and entertainment, the 56,000-square-foot National Museum for African American Music, 367,000 square feet of Class-A office space at 501 Commerce, 381 residential units at The Place at Fifth + Broadway and more than 2,000 parking spaces. The project, which sees nearly five million annual visitors, offers outdoor space, accessibility, safety and parking.

“We feel Nashville is a high-growth market, and one that we have been watching since 2011,” said President of Northwood Retail Ward Kampf. “It’s an ‘it’ city for business and entertainment and Fifth + Broadway epitomizes Nashville – a world-class, generational asset that draws locals and tourists alike. We believe the attention to detail, aesthetics and connectivity are unmatched, making it a transformative catalyst for the fabric of lower Broadway.”

Financing for this acquisition was provided by Pacific Life.