The East Bank scrapyard site of PSC Metals — long viewed by many as being in need of a redevelopment — is under contract to be sold, the Nashville Business Journal reports.
Citing multiple sources, NBJ notes Icahn Enterprises LP has found a buyer, though details about the would-be purchaser, transaction date and sales price are unclear.
Ownership entity led by billionaire Carl Icahn seeks to sell 45 acres near Nissan Stadium, Cumberland River
Previously, NBJ reported that billionaire investor Carl Icahn is eyeing a transaction price of approximately $200 million. The partnership announced in September that the 45-acre site would be offered via auction this month. However, NBJ reports it is unclear if an auction was ever finalized, with sources telling the business publication the auction announcement might have been made to generate more interest than a conventional listing would have.
The site is noteworthy, many private and civic leaders say, because of its proximity to downtown, the Cumberland River and multiple East Bank parcels that are expected to be redeveloped. Relatedly, full-scale work remains underway on Nashville’s future enclosed NFL Stadium, slated for a 2027 construction completion.
Metro has selected The Fallon Company to serve as master developer of the East Bank — with the Boston-based commercial real estate company proposing retail, residential and hotel buildings projected to be valued at about $1 billion in Phase I of the effort.
Icahn sold PSC Metals LLC to SA Recycling in 2021, retaining ownership of the property on which the scrapyard operates and leasing the space to SA Recycling. In August, SA Recycling moved some of its operations to a previously acquired West Nashville property.
Byran Fort and Frank Thomasson, brokers with the Nashville office of Dallas-based CBRE, are marketing the property.
This article was first published by our sister publication, the Nashville Post.
