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Metropolitan Government acquires 0.5-acre site at 1045 28th Avenue North from Sunset Real Property I

  • Address: 1045 28th Avenue North, Nashville, TN
  • City: Nashville
  • State: TN
  • Category: City Properties
  • Subcategory: Land Sale
  • Asset Class: Land
  • Property Type: Covered Land & Land Banking
  • Size: 0.5 acres

The Metropolitan Government of Nashville and Davidson County entered into a Real Estate Option Agreement to purchase a 0.5-acre tract at 1045 28th Avenue North from Sunset Real Property I, LLC for a purchase price of $2,100,000. The agreement covers acquisition of the land, improvements, easements, rights, and appurtenances, and is subject to Metro Council approval and satisfaction of contingencies including lease termination. Under the contract, Seller will convey fee simple title via warranty deed subject only to permitted exceptions, and Buyer will pay the purchase price via wire transfer to the Title Company at closing. The agreement includes a 45-day inspection period during which Buyer may conduct due diligence and terminate if unsatisfied. Title commitment and boundary survey requirements must be delivered before inspection period expiration, and all monetary encumbrances must be cured by closing. Seller and Buyer have mutual representations and warranties, and closing is scheduled within 30 days after the inspection period. Possession will transfer at closing, and proration of taxes and closing costs are addressed. The Title Company serves as escrow agent, and risk of loss provisions allow Buyer to terminate if material damage exceeds $250,000. Various closing deliverables include FIRPTA certificate, seller’s affidavit, and termination of existing leases.

Source

Applicant - METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY


Ownership - SUNSET REAL PROPERTY I, LLC


City Representative - Tom Cross