|United Methodist publisher receives offer on Nashville headquarters|
|Written by Jeremy Burns|
|Monday, 19 August 2013 09:17 AM EDT|
The Nashville home of the United Methodist Publishing House (UMPH) is under negotiations to be sold to real estate developer Terra Verde Group. The site is particularly attractive to potential investors due to its proximity to the recently opened Music City Center convention complex.
“It’s the best piece of real estate in Nashville,” said Mark Enderle, a partner in Terra Verde Group. The 7.5-acre site, which is currently occupied by the UMPH headquarters, a former Cokesbury bookstore and several parking lots, would be turned into a mixed-use residential and commercial development.
The UMPH campus sits on one of downtown Nashville’s largest pieces of available property—and may sell for more than $40 million, according to one estimate. Since Music City Center opened earlier this year, developers have paid record prices for nearby land.
UMPH initially signaled that it was looking to sell the property in 2012. This potential deal with Terra Verde comes on the heels of the publisher’s closing all of its brick-and-mortar Cokesbury retail stores earlier this year.
If the sale is finalized, UMPH would relocate 400 employees who work at the location, according to The Tennessean.