New Mixed Use Development in Nashville

The Nashville Business Journal is reporting that Health Care REIT has purchased two parcel totaling more than 12 acres at 3000 Charlotte Avenue in Nashville. The December purchase gives the investment company a total of 16.4 acres of land at that location at 28th Avenue and Charlotte Avenue.

The company plans to file a request for a multi-building, mixed-use development with Metro in the near future. The company has primarily served the health care industry, but hopes to attract a mixture of tenants with this new development. Health Care REIT's vice president stated, "We believe there is an opportunity to create something exciting in this central location.”

REIT is a type of corporate entity for real estate investment that reduces corporate income taxes. However, they are required to pay their investors 90% of income, which then becomes taxable. The REIT structure was designed to provide a way to invest in real estate similar to the way mutual funds provide an investment structure for stocks. REIT's can be privately or publicly held.

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