Nashville-based development company AJ Capital Partners has paid $6.45 million for the Midtown buildings home to live music venue Exit/In and neighboring bar Hurry Back, according to a Davidson County Register of Deeds document.
The addresses of the properties — collectively 0.5 acres and located within what many locals call the Rock Block — are 2208, 2210 and 2212 Elliston Place. The seller was Anthony Rentals (the Nash and Anthony families), a previous iteration of which paid $150,000 for the properties in June 1976, according to Metro records.
The sale comes as Telisha Cobb and Chris Cobb, the owners of the Exit/In and Hurry Back businesses, continue their bid to acquire the properties from AJ Capital. Earlier this year, the Cobbs outlined a plan, including a GoFundMe component, to purchase the property through a partnership with real estate firm Grubb Properties, which had launched the Live Venue Recovery Fund to assist owners of live music venues negatively impacted by the pandemic.
“When Telisha and I decided to take the final option on Exit/In’s lease, we knew its future was uncertain,” Chris Cobb said in a statement. “Our goal was and continues to be an Exit/In that exists to support Nashville's creative working class — the people who create the culture Music City claims to cherish. We remain steadfast and want to thank everyone for their ongoing love and support. We ain't done just yet!”
The venue marks its 50th anniversary this year. So far, the GoFundMe campaign has collected $270,000 of its $500,000 goal, with the aim of sweetening the Cobbs’ offer (backed by Grubb) to AJ Capital.
Tennessee Lookout reporter Nate Rau was the first to report the property was under contract to AJ Capital Partners. Nashville-based real estate firm Southeast Venture (Axson West) represented Anthony Rentals in the transaction. The Scene was unable to determine if AJ Capital had broker representation. The company has secured a $3,988,000 loan from Encinitas, California-based C3Bank, according to the Register of Deeds document.
AJ Capital Partners' projects in Nashville include The Graduate Hotel Nashville on West End Avenue in Midtown and the May Hosiery complex in Wedgewood-Houston.
Of note, Anthony Rentals sold for $2.9 million a separate Rock Block property in July 2020 to an entity tied to Nashville-based developer Tony Giarratana and real estate investor (and long-time Giarratana friend) Marc Stengel. The addresses of that property — slated for a major update — are 2201/2205 and 2209 Elliston Place.
Additional reporting by Stephen Trageser.