An entity associated with New York-based commercial real estate investment firm Somera Road has paid $6.38 million for the Gibson Guitar Corp. property located on Grundy Street in The Gulch, according to documents filed with the Davidson County Register of Deeds Tuesday.
With an address of 1102 Grundy St., the old-school masonry building was once home to a Baldwin Piano warehouse.
The acquisition of the three-parcel half-acre site (located in what some refer to as the North Gulch) does not include the parcel home to the so-called Valley of the Arts Building (see here courtesy of Google Maps), which Gibson also has listed for sale.
Ian Ross, Somera Road managing principal, said the entity is “exploring a variety of options” for the site.
“We’ve been tracking the market for a long time,” he said. “We love the dynamic nature of the market. It’s a pretty compressed marketplace.”
Ross said he is partnering with Miami-based Tricera Capital to aid in the execution of the business plan. Scott Sherman and Ben Mandell serve as co-partners and managing principals of the company.
Over the past few years, Somera Road and its principals and partners have acquired more than $500 million worth of real estate assets throughout the country.
Of note, the property’s ownership history includes an entity for which local developer and real estate investor Joe Barker once served as trustee. Similarly, Alex Palmer, another local developer, once owned the property.