April 14, 2021
Oracle’s arrival in Nashville has taken a step forward, as the owner of the River North redevelopment site has alerted tenants that the global tech company will be their future landlord.
Nashville Business Journal reports Chicago-based Monroe Investment Partners has a sale pending, though it is unclear as to the acreage to be sold.
NBJ reports that business owners operating in the River North footprint received estoppel certificates from Monroe Investment Partners and its founder Don Allen on April 6. Estoppel certificates are part of the due diligence process when real estate is about to be sold and tenants are involved.
The certificates list Oracle America Inc., a subsidiary of the Austin-based company.
As NBJ reports, the communication is the first confirmation that Oracle is under contract to buy either a segment or the entirety of the River North site, which sits on the east bank of the Cumberland River.
Monroe Investments owns about 90 acres of River North property. The holdings do not include about 13 acres that Allen sold for $42.5 million in mid-2019 to developers MRP Realty and Creek Lane Capital. That partnership plans a $250 million mixed-use development called The Landings on the 13 acres, with preliminary site work underway (read here). In addition, the Metro Council has approved $20.9 million in infrastructure upgrades for that site and an additional approximately 27 acres.