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Saturday, December 10, 2016
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Cool Springs Auction Fails

In Cool Springs real estate news today, Jim Stevens Realty & Auction attempted unsuccessfully to auction a 1.094 Acre commercial parcel located at 9035 Carothers Parkway in Franklin TN.  I counted a total of 28 people in attendance that did not work for Jim Stevens.  All Jim Stevens employees have bright reds shirts, it was easy.  That total number includes the sellers of the property in the crowd.  This was not an absolute auction, which generally draws alot more people since they know it will sell no matter what the price. 

Franklin Mayor John Schroer attended the auction.  Schroer’s company Southland Management & Development Company, owns most of the retail centers that line the opposite side of Carothers Parkway.  Mayor John Schroer stayed the entire length of this Cool Springs real estate auction but did not appear to be bidding.
 

Cool Springs Real Estate Auction

Cool Springs Real Estate Auction

 

The property offered was 1.094 acres (47,654 square feet) that fronted Carothers Parkway and near Bakers Bridge Avenue.  Although it is a great location in the heart of Cool Springs, the property is set down and so visibility from the road is less than surrounding buildings enjoy.  

It has been approved for a 6,600 square foot building by the city of Franklin and the Jim Stevens Realty & Auction flyer claims a larger buildings can be built if you go back through approvals.  Easier said than done. 

 The property has common area parking with the adjoining Community First Financial Plaza bank and shopping center.  The parking ratio will be an issue if anyone plans on increasing the size of the building.  The property was advertised as being ideal for “medical, office or retail.  I see an owner-occupant with a low need for parking being the only real buyer for this land.
Cool Springs Auction Part 1:

Cool Springs Auction Part 2

 

The high bid for this Carothers Parkway outparcel was $610,000.  The bid was not accepted and therefore the auction was declared a no sale for this prime real estate in Cool Springs.  This is the first commercial property that I have seen Jim Stevens Realty & Auction attempt to sell in Cool Springs.