Jimmy Buffett’s Margaritaville In Nashville Sells For Record-Breaking Price
Margaritaville Nashville / Facebook
Jimmy Buffett’s Margaritaville in Downtown Nashville sells for a staggering price
The building that houses Jimmy Buffett’s Margaritaville Bar and Restaurant in Downtown Nashville has just sold for $75 million.
Margaritaville has been a feature of Nashville’s historic Broadway strip since it opened in 2010. The three-story building, which is located at 322 Broadway on a 0.2-acre lot, boasts 26,310 square feet.
According to Metro Records, the buyer is listed as GFDDT Nashville Broadway LLC. However, no additional details are available about the entity or its plans for the building. A $43 million loan from JP Morgan & Chase Bank made the purchase possible.
The seller was local real estate investor Larry Papel, who was represented by Lance Bloom of Colliers Nashville in the transaction. According to records, Papel bought the building in 1991 for just $145,000.
Papel is part of a local investment group, Corner Partnership, which has been involved in numerous real estate deals in the Nashville area.
The recent sale breaks the record for the price per square foot of a Broadway bar
Demand for Broadway real estate is ever-increasing as more entertainers and business moguls want in on the action. The purchase price of the Margaritaville building equates to roughly $2,870 per square foot. This marks the highest sale price per square foot of a Broadway bar to date.
Recent high-dollar transactions include the Ernest Tubb Record Shop, which sold for approximately $2,000 per square foot in August 2022, and Dierks Bentley’s Whiskey Row, which came in around $2,400 per square foot in May 2022.
However, this record may soon be broken. A building just steps away from Margaritaville, which houses Lucky Bastard Saloon, hit the market in December for an asking price of $58.82 million. Depending on the final sale price, this property has the potential to surpass any previous Broadway sale, including Margaritaville.
About Margaritaville
The late Jimmy Buffett opened his first Margaritaville Cafe in Key West in 1985. The business was inspired by his 1977 hit song of the same name. In the decades that followed, the beloved musician opened dozens more locations across the United States, Canada, and the Caribbean.
In addition to a tropical menu and decor inspired by Buffett himself, many locations host live music for their patrons to enjoy.
While the specific future of the Nashville Margaritaville location remains to be seen, business operations do not presently appear to be affected by the recent building sale.
