Former Antioch Macy's store space sold for $5.3M

• Seller Charles Jones paid $1.6 million for the former Hickory Hollow Macy's space in December 2013.
• Buyer Tom Corcoran of Crestview Funds also owns former Sears space at what used to be Hickory Hollow Mall.
• 450 new Bridgestone employees and contract workers at the Sears space with potential office workers for the Macy's space should provide more daytime traffic for that Antioch area.
• Investor Charles Jones now fully owns the former Nashville Memorial Hospital campus in Madison.

Brentwood-based Crestview Funds has completed buying the former Macy’s anchor store property in Antioch for $5.3 million with plans to convert the space to general office use.

The seller was real estate investor Charles Jones, who used those proceeds toward buying the five-building, 53-acre former Nashville Memorial Hospital campus in Madison.

The 172,404-square-foot former Macy's property is Crestview's manager Tom Corcoran second purchase of a former big-box anchor tenant space at what used to be Hickory Hollow Mall in Antioch.

“We're talking to prospective tenants,” he said.

Nearly four months ago, Corcoran paid $5 million for the 17-acre former Sears property, including that chain's 175,000-square-foot former department store and attached Sears Auto Center. Earlier this month, tiremaker Bridgestone Americas leased nearly half of that former Sears space with plans to open a 77,000-square-foot service operations center in the first quarter of 2017.

The roughly 450 employees and contract workers Bridgestone plans to house there, plus the office user that Corcoran is aiming to recruit to the former Macy's space, should provide more daytime worker traffic in that part of Antioch.

Analysts have said that's critical to attracting and retaining retailers and restaurants in an area that took a hit from the closing of retail anchor Hickory Hollow Mall and subsequent loss of other retailers such as Target some years back.

“We’re excited about the potential of attracting a new employer to the area,” Metro Councilwoman Jacobia Dowell said about a possible office tenant or tenants for the former Macy's space.  “I believe a critical part of this continued success is making a much-needed investment in our infrastructure.”

Jones made a significant gain on his sale to Crestview Funds of the former Macy's space, which he bought for only $1.6 million in December 2013. New York-based trade group Hotel Interactive leased the upper level portion under a recently completed three-year agreement, while a church had been leasing the lower level.

Through the tax-free exchange transaction that involved the sold former Macy's property, Jones paid $6 million for the former Nashville Memorial Hospital campus at 612 W. Due West Ave. in Madison.

Jones plans to market that roughly 560,000 square feet of overall space in Madison to large users that might need a chunk of space in individual or multiple buildings. Smaller spaces ranging from 40,000 up to 150,000 square feet would also be available, he said.

Reach Getahn Ward at 615-726-5968 and on Twitter @getahn.