Phoenix-based Alliance Residential Co. is targeting the Berry Hill property, long home to food company Mrs. Grissom’s Salads Inc., for its next development. The 3.25 acre property, with a primary address at 2500 Bransford Ave, is owned by Kenneth Funger, CEO of Mrs. Grissom. As the Post reported in July, the property was put up for sale at an undisclosed price (read here). Alliance has requested a review of water and wastewater availability, with the Metro document referring to Broadstone Berry Hill. Stephen Keller, Alliance Development Director, declined to indicate when the company plans to purchase the property or break the ground. No rendering has been published. “Alliance Residential Company is excited to pursue a project in the thriving Berry Hill neighborhood,” Keller said in a statement. “We recently opened our fifth development in the Nashville area and remain committed to this wonderful city and its communities. We look forward to sharing more details soon. ”As the Post reported, sales price is expected to be around $ 15 million ($ 100 per square foot based on acreage) according to multiple sources. Grissom’s started operations in 1955, with its products being available at peak times in several grocery chains in the southeast. In April, Funger sold the brand and most of its manufacturing to on-site Chairman’s Foods, with all production to be relocated to the Chairman’s facility for next spring. Metro records indicate that Grissom’s Salads Realty Inc. owned the three lots in part until 1959. Funger now owns the joint property and has Shane Douglas and Patrick Inglis, executive vice president / partner and senior vice president of Colliers International, respectively Nashville, entrusted with the marketing and sales activities. Grissom’s was long run by Grace Grissom and her husband Herbert, who first worked with a few ex-Knoxville friends in an existing small business. Grace Grissom then ran the business through 2005, overseeing the expansion of product lines and a distribution network in 25 states. Alliance continues work on the eight-story Broadstone SoBro, which sits on 1.48 acres at 804 Fourth Ave. S. will be located. , across from the live music venue 3rd & Lindsley (read here). It is also realizing a seven-story residential building for One City in Midtown (read here). The company’s 342-unit building in The Nations (read here) recently opened. In 2018, Allianz sold its Broadstone 8South apartment building in Melrose to a Los Angeles company for $ 76.73 million (read here). Similarly, the company sold Broadstone Stockyards in November 2020 for $ 105 million to a company affiliated with New York-based international private equity alternative investment management firm The Blackstone Group Inc. (read here) is. Alliance sold Broadstone Gulch to Security Properties for nearly $ 81 million in December 2019 (read here). Alliance’s first Nashville project was at 1100 Third Ave. N. performed in Germantown. It sold that structure (now IMT Germantown) to a California company in 2018 for about $ 73 million, according to Metro Records.
[ad_2]
