|Investment firm buys LifeWay headquarters|
|Written by Christine D. Johnson|
|Tuesday, 24 November 2015 07:48 PM America/New_York|
LifeWay Christian Resources has sold its Nashville headquarters. LifeWay announced that Southwest Value Partners (swvp.com), a private real estate investment firm, closed today on the purchase of the campus.
The nearly 15-acre campus is in and at the gateway to downtown Nashville. The property is broadly entitled for mixed-use purposes that may include hotel, entertainment, commercial and creative office, and residential. LifeWay will continue to occupy a portion of the campus in the near term until it determines the permanent location of its corporate headquarters.
Founded in downtown Nashville in 1891, LifeWay is now the largest Christian resource provider in the world. The ministry publishes tens of millions of Bible studies, books and Bibles each year, operates a nationwide chain of Christian retail stores, employs over 5,000 people and generates a half-billion dollars in revenue annually.
LifeWay President and CEO Thom S. Rainer expressed excitement about the Southwest Value Partners’ purchase and the site’s future opportunities.
“LifeWay has been on this property since October 1913, so what happens here is important to me, our organization and Nashville,” Rainer said. “I am confident Southwest Value Partners will continue to steward this campus in a way that is most beneficial to downtown Nashville and those who live, work and visit here. We have found their leaders to be professional, thorough and possessing the highest integrity. The addition of Southwest to the downtown community will be great for Nashville. LifeWay hopes to keep our headquarters in downtown Nashville, so I am excited about having Southwest Value Partners not only as stewards of our current campus but as neighbors moving forward.”
Southwest Value Partners’ co-managing partners Cary Mack and Mark Schlossberg will oversee the firm’s ownership of the LifeWay campus project, currently referred to as Uptown.
“It has been a pleasure and a privilege to work with Dr. Rainer, LifeWay and many others in Nashville to complete our purchase of the LifeWay campus,” Mack said. “It is an exceptional site with a valuable legacy and enormous potential, and we are excited to be a part of its transformation into an excellent environment that respects the authenticity and character of Nashville.”
Schlossberg expressed Southwest Value Partners' commitment to what is good for the people of Nashville.
“We have long respected Nashville as a great market with great people and over the past weeks have spent many hours working with some of Nashville’s finest professionals and stakeholders to understand the opportunities and best use of the LifeWay site," Schlossberg said. "We have learned much about what Nashville needs and wants and look forward to sharing our plans and milestones. It’s a great project, and we are fully committed to its success.”
Southwest Value Partners is continuing with its conceptual planning for the site and is working with many local partners, including Gresham Smith and Partners as the lead architect and Colliers International for brokerage representation.