LBX pays $54.3 million for Vintage South's two-property Nashville portfolio

LBX Investments has paid $54.3 million for Vintage South Development's 134,113-square-foot Nashville portfolio, a two-property trade that Connect CRE reports, citing Commercial Search, comprises Breeze Block and Stateline. Breeze Block accounts for 39,452 square feet at 6100-6110 Robertson Ave.; Stateline covers 94,661 square feet at 5300 Centennial Blvd., two miles away. Run the arithmetic and the sale prices at roughly $405 a square foot.

Both addresses are reuse projects rather than ground-up builds. Stateline turned an old warehouse into a two-level structure with 70,000 square feet of office above first-floor retail, leased to a mix of fitness, medical, wellness and service-oriented tenants. Breeze Block started in 1970 as an industrial facility, was converted to retail use and expanded to its current size in 2023, and now holds retail, restaurant, wellness and creative office space across two buildings. JLL's Richard Reid, Jim Hamilton and Brad Buchanan negotiated for the seller, which makes the brokerage team the only parties named beyond the buyer and Vintage South. Neither conversion is described against Nashville rents, absorption or comparable sales, and the coverage does not say what either property cost to rework.

An underwriter handed this coverage would be testing a number against almost nothing. There is no cap rate, no occupancy figure, no conversion cost disclosed for either reuse and no allocation of the $54.3 million between the two addresses. The split matters because the two halves are different products: Breeze Block is 39,452 square feet of small-format retail, restaurant and wellness space with no named anchor tenant, while Stateline keeps 70,000 of its 94,661 square feet in office, sitting above ground-floor retail. Breeze Block reached its current size through that 2023 expansion, so part of what LBX acquired is square footage added shortly before the sale — and the coverage gives no rent for any of it.

Office exposure runs through both halves, which is the detail worth holding onto. Creative office appears in Breeze Block's tenant lineup alongside the shops and restaurants, so the portfolio carries converted office in one property and office inside a shopping center in the other. Stateline's roster leans on fitness, medical and wellness operators, a mix that suggests rent underwritten on neighborhood traffic rather than on the health of a downtown leasing market — an inference the coverage neither confirms nor contradicts, since it publishes no rents and names no tenants individually.

The next print at either address — a lease, a refinancing, a second sale — will test the blended basis. Until then, $405 a square foot is the only figure the trade supplies.