Following the success of Ardent’s first two investments in Nashville, positive press and word of mouth led to Ardent receiving first look at many off-market opportunities. One such opportunity was 305 Broadway, the largest building in the Lower Broadway submarket. This 40,000/SF property was made up of five buildings containing four operating businesses. Ardent paid $22 million ($550/SF) for the property which at the time was 100% leased to an experienced local restaurant/bar operator who had 10 years previously signed a 15-year lease. The Tenant was paying rent of only $8.80/SF, approximately 80% below market with 5 years of term remaining. The tenant had recently spent over $1.5 million on improvements and added another operating business on premise. Ardent negotiated with the tenant to restructure the lease by extending the term for 15 years and increasing rent to $50/SF. Six months after restructuring the lease, Ardent sold the property to the tenant for $32 million ($800/SF). Ardent’s successful track record in Nashville has helped grow our pipeline of off-market investment opportunities.