The Nashville Arcade, the oldest shopping center in the city has been sold for $28 million. A New York real estate firm along with local investors completed the deal.
The shopping center has been around for over a century. It is big enough to span a full city block in the middle of 4th and 5th avenue. There are 50 retail and restaurants located on the first floor. On the second floor there are offices and art studios.
The doors first opened in 1903 and was the city’s first enclosed shopping center. The design of the building was inspired by the Galleria Vittorio Emanuele II, Italy’s most historic shopping mall.
The future for the property has not been announced to the public. The executive managing director Rob Lowe did issue a statement saying, “our intention is to be good stewards of the historic property”. Hopefully, these means only a few changes will be made to such a historic Nashville landmark.