VOL. 7 | NO. 31 | Saturday, July 26, 2014
Contract Signed to Purchase Tennessee Brewery
By Andy Meek
A contract has been signed with a buyer for the Tennessee Brewery, saving the historic structure from the wrecking ball, according to a representative of the brewery’s ownership.
Rasberry CRE principal James Rasberry told The Daily News his client has agreed to a deal with a buyer he would not disclose, with the terms including a 90-day due diligence period. Rasberry also declined to disclose the purchase price, except to say that the owners had listed the brewery at $1.2 million and that "the offer was very attractive to us.”
A multitude of development groups have floated proposals to revamp the brewery in the past, working through Rasberry, but all of them for a variety of reasons never materialized. This time, Rasberry said the current contract is further than he’s gotten in the process.
“I’ve had contracts before with a lot of wiggle room and that had long due diligence periods for a year or more,” he said. “There’s very little reason for this buyer not to go through with it. This is a very clean deal, and it’s a qualified group we have a comfort level with, because of their capabilities and desires. They were straightforward and good people to work with.”
The deal comes with only weeks to spare before demolition at the brewery had been set to begin. The group that’s made the most progress so far, including restaurateur Taylor Berger at the vanguard, has requested a hearing about its proposal for the brewery in front of the city-county Board of Adjustment next month.
Berger was not immediately available for comment.