FRANKLIN, TENN. — Holladay Properties has purchased The Factory at Franklin, a former stove-making factory in Franklin, for $56 million. Madison Wenzler of Cushman & Wakefield represented Holladay in the sale, and John Haynes of the Bradley law firm provided legal counsel. The seller was not disclosed. Allen Arender of Holladay plans to oversee the redevelopment of the property, along with development partner Ronnie Wenzler of Cushman & Wakefield.
Built in 1929, The Factory is a complex of 10 industrial buildings that was originally constructed for stove manufacturer Allen Manufacturing Co. In 1996, the property was converted into a retail and entertainment complex.
Today, The Factory is a mixed-use destination with shops, restaurants, offices and entertainment venues located at 230 Franklin Road, about 21.5 miles from downtown Nashville. The Factory currently has restaurant tenants including Five Daughters Bakery, Franklin Juice Co., Honest Coffee Roasters, Jeni’s Splendid Ice Creams and Mojo’s Tacos. Other tenants include Amelia’s Flowers, Luna Record Shop and Jeremy Cowart Photography. The property also features the Franklin Farmers Market that sells fresh produce and crafts every week.
After the redevelopment project is complete, The Factory will have about 310,000 square feet of mixed-use space. Holladay and its partners also plan to add about 100,000 square feet office space that can be adapted to many types of businesses. Nashville architecture firm Centric will design the redevelopment project. Construction is slated to be complete in fourth-quarter 2022.
Elliott Kyle with Equitable Property Co. and Elam Freeman of Ojas Partners will handle leasing of the approximately 150,000 square feet of retail and restaurant space in the renovated Factory. Michael Havens, Madison Wenzler and Ronnie Wenzler of Cushman & Wakefield will lease the office space.