V
anderbilt University has expanded its Midtown Nashville portfolio with the $66.9 million purchase of Park Place shopping center, a 3.23-acre property at 2817 West End Avenue. The price works out to $1,115 per square foot, more than ten times what Vanderbilt paid for its previous acquisition. The seller, a group of LLCs whose owners remain anonymous, acquired the property in 2005 for $5.67 million.

    The shopping center features about 60,000 square feet of space, including office space and tenants such as Chipotle and Ted's Montana Grill. Vanderbilt will lease the properties back to the seller. This acquisition is part of the university's aggressive land-buying strategy in Midtown, where it has spent over $260 million since 2019.

    Vanderbilt's plans for campus expansion and development align with its Midtown acquisitions. The university has previously purchased several properties in the area, including a former Qdoba building and a Panera Bread location. Beyond Nashville, Vanderbilt is pursuing developments such as a graduate school in West Palm Beach, Florida, and a 99-year lease for a campus in New York City.